AMES, Iowa – The policies that affect farmers and farm businesses dealing with the economic struggles of COVID-19 are rapidly changing.
To help explain recent developments and the options available, the Center for Agricultural Law and Taxation at Iowa State University, and the Farm Management team with Iowa State University Extension and Outreach will offer a one-hour webinar April 17 from noon to 1 p.m.
Charles Brown, farm management specialist with ISU Extension and Outreach, and Kristine Tidgren, director of the Center for Agricultural Law and Taxation and Holder of the Leonard Dolezal Professorship in Agricultural Law at Iowa State, will tackle some of the biggest regulatory and financial questions on the minds of farmers and agribusiness.
The following topics will be covered:
- Economic Impact Payments (stimulus payments)
- IRS tax return and payment delays
- Paycheck Protection Program and other loan options
- CARES Act tax changes
- Agricultural-specific provisions in the CARES Act
- New Sick Leave and Family Leave requirements
- Other possible relief provisions
“This is a time when there are a lot of rural Americans who are struggling and they need information about resources that are available,” Tidgren said. “A lot of this is a work in progress, but we are going to provide an overview of what’s known at this time.”
According to Brown, there have been a lot of questions about who is eligible for the different programs, including loan options and loan forgiveness.
He will discuss some of the eligibility questions, self-employed questions and the tax-related forms farmers need to fill out if they are applying for loans.
Brown said the verbiage of the new rules can be confusing. He and Tidgren will try to break it down and offer the latest update on what they know.
Original photo: Planting corn.