CAA 2021 has given farmers and businesses the opportunity to participate retroactively in both. Finally, in the Coronavirus Aid, Relief, and Economic Security (CARES) Act in 2020, farmers and businesses could only pick ERC or a PPP Loan. For this type of forgiveness, documentation will not be required to be submitted to the lender, but still needs to be collected and retained by the borrower. In addition, there is now a simplified PPP forgiveness process for PPP loans less than $150,000. Now the full amount of the PPP loan will be forgiven, regardless. So prior to CAA 2021, a person that had a PPP loan and an EIDL Advance grant, had to reduce the amount of the PPP loan available for forgiveness by the EIDL Advance. In addition, EIDL advance grants are now not taxable and they do not reduce PPP loan forgiveness. ![]() With this legislation, covered business expenses (such as mortgage interest, employee salaries, rent and utilities) that are paid with the PPP loan proceeds are now deductible on the tax return (They were originally not deductible). The original rules for PPP loans, EIDL Advances and ERC still apply that were not explicitly changed in CAA 2021. For all of these programs, we are only explaining the new changes or additions. We will give an overview of the changes to the first three items in this article. There were changes to the Paycheck Protection Program (PPP), Economic Injury Disaster Loan (EIDL) advance grants, and Employee Retention Credit (ERC), as well as, additions or extensions to other Farm Service Agency (FSA) programs. There were many items in this legislation that affected farmers. ![]() On December 27, 2020, the Consolidated Appropriations Act (CAA) of 2021 was signed into law. Illinois Farmland Leasing & Rental Forms.Illinois Crop Budgets & Historic Returns.Farmland LEasing Facts Sheets & Pricing Information.Illinois Soil Productivity & Yield Utilities.Briomass Crop Budget Tool – Miscanthus & Switchgrass.Appraisal of Current Financial Position.Balance Sheet & Historical Financial Statements.Post Application Coverage Endorsement Tool (Sheet).precision conservation management (PCM).
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |