The SBA is once again accepting applications for ag, non-ag businesses, and certain non-profits, as of June 15th for the Economic Injury Disaster Loans (EIDL). The program designed to help businesses through the COVID-19 pandemic had only allowed agricultural businesses to apply over the last 6 weeks. This left some out in the cold. Early on as the EIDL emerged, Ag businesses were not certain they would qualify and eagerly awaited a solution. Some took the chance and applied but many waited, not wanting to waste their energy. Congress has fully addressed their need with additional funding. Since May 4th, the program has been open exclusively to agribusinesses and farmers, but has now been re-opened to all eligible small Read More...
Access to Christianson PLLP During COVID-19
We plan to err on the side of caution by gradually increasing our occupancy and lessen exposure for all until the timing is appropriate to move to Phase 3. Even post Stay Home MN and Stay Safe MN orders, it is not our intention to have the full staff or full client traffic return to the building, but to increase occupancy slowly. We are more than willing to save you a trip into the office by providing a virtual solution or by offering the use of direct mail. Contact your service professional if you would prefer Access to the Willmar Location Employees who work inside the building and clients who enter must follow the established protocol which is listed at the entry points. The most important of which is to be symptom free. Signs will Read More...
Business & Industry Loan Guarantees
With many rural businesses and agricultural producers facing financial challenges as a result of the coronavirus pandemic, the Department of Agriculture announced that it will make available up to $1 billion in loan guarantees for these entities through Farm Service Agency loan programs and through the USDA Business and Industry CARES Act Program. This is a new program that provides working capital loans to help rural businesses prevent, prepare for or respond to the effects of the pandemic. What does this program do? According to the USDA, this program offers loan guarantees to rural businesses in an effort to improve the economic health of rural communities by increasing access to business capital through loan guarantees. This enables Read More...
PPP and the Senate’s Success
PPP and the Senate's Success! In the latest news of PPP happenings, the Senate passed HB 7010 with a whole lot of goodies for borrowers on its way to the President's desk. Extended Window of Reporting Borrowers who have already taken out their loan will now have the option to elect 8 or 24 weeks as their applied forgiveness period, allowing more time for workforce expenses. New Forgiveness Percentages There will be increases to the current limitation on non-payroll expenses (such as rent, utilities, mortgage interest) for loan forgiveness from 25 to 40%. The 75% payroll requirement was too rigid for many small businesses, particularly during the 8 week covered period where many businesses were completely closed due to stay at home Read More...
Options in Personal Finances during COVID – Provisions for the People
COVID did a number on business finances, which seep into personal finances. Most of us have heard about the $600 unemployment bump and the $1200 stimulus checks meant to help individuals. Even if we are not feeling distress, we should be aware of all the options available to us to improve our financial situations. IRA Contributions Since the 2019 filing date for taxes was extended until July 15th, it was only fitting that IRA contribution dates moved as well. If you are one who does not consistently take advantage of these full annual contributions and you have some cash on hand to invest, your curiosity should be peaked. We have never had so much time to make contribution decisions for 2019. We now have over half of 2020 to glean what Read More...
Minnesota News: Claim expenses related to distance learning due to COVID-19
The Minnesota Department of Revenue has two tax relief programs for families with children in kindergarten through 12th grade: the K-12 Education Subtraction and the K-12 Education Credit. Both programs help lower taxes and may provide a larger refund when you file Form M1, Individual Income Tax. To qualify for either program, both of the following must be true: You have a “qualifying child” attending kindergarten through 12th grade at a public, private or a qualified home school. For more information, see Qualifying Child for K-12 Education Subtraction and Credit. You paid “qualified education expenses” during the year for that child’s education. For more information, see Qualifying Expenses for the K-12 Education Subtraction Read More...
Higher Blends Infrastructure Incentive Program (HBIIP)
In 2020, USDA launched the Higher Blends Infrastructure Incentive Program (HBIIP); this program made $100 million in grants for activities designed to increase the sales and use of higher blends of ethanol and biodiesel. On April 13th, 2022, it was announced that another $100 million in new funding would be opened for applications later this year. These important investments will assist in the development, transportation, and distribution of low-carbon fuels, better market access for producers, and more affordable and cleaner fuels for American consumers. Who is Eligible? Transportation fueling facilities including: Fueling stations, convenience stores, hypermarket fueling stations, fleet facilities, and similar entities with Read More...
HSA Advantages – Did you know…
If you have a Health Savings Account (HSA) (or even if you don't), there may be some benefits that you don’t know about. Most people understand the benefits of tax-free contributions, tax-free earnings, and tax-free withdrawals for qualified healthcare expenses. While designed primarily to help reduce the financial burden of healthcare, HSAs have some relatively unknown benefits as well. Today, we dive into those. My Employer Doesn't Offer HSA Did you know: even if your employer does not offer an HSA, you can still set one up at many local banks as long as you have a qualifying health plan. For 2020, a self-only health plan needs to have a minimum annual deductible of $1,400 and maximum annual deductible/out of pocket expenses of $6,900 Read More...
Coronavirus Food Assistance Program (CFAP)
Coronavirus Food Assistance Program (CFAP) Are you a farmer or rancher whose operation has been directly impacted by the coronavirus pandemic? The Coronavirus Food Assistance Program will provide direct relief to producers who faced price declines and additional marketing costs due to COVID-19. About the Coronavirus Food Assistance Program USDA Secretary Sonny Perdue announced the Coronavirus Food Assistance program on April 17, 2020. CFAP will use funding and authorities provided in the Coronavirus Aid, Relief, and Economic Security Act, the Families First Coronavirus Response Act, and other USDA existing authorities. This $19 billion immediate relief program includes direct support to agricultural producers as well as the Farmers Read More...
PPP Forgiveness as a Percentage of Staff Maintained
If you are like most businesses, the PPP Loan and its forgiveness potential drew you in immediately. You might have even experienced an expedient cash deposit. It was probably an invigorating first few days of euphoria around the office. Now, like most others you are realizing that your business does not fit neatly inside the 56-day box of forgiveness and you are probably scratching your head at the true outcome, let alone how to fill out the application to report this. Is it starts to get messy as soon as an employee quits, goes on maternity leave, you were forced to ask them to leave permanently based on their performance or someone wants part-time hours up-ending your fine-tuned FTE calculations. Then there are those businesses Read More...
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