Retailers recently applied for up to $100 million through the USDA for higher blend renewable fuel infrastructure. Christianson PLLP, working with the Renewable Fuels Association (RFA) in tandem with local retailers was an integral part of the application process for over $31 million dollars in HBIIP funding to facilitate increased sales of ethanol and biodiesel. The Higher Blends Infrastructure Incentive Program (HBIIP) grant program is intended to make available up to $100 million in competitive grants for activities designed to increase the sales and use of higher blends of ethanol and biodiesel. Transportation fueling facilities and fuel distribution facilities were eligible including: Fueling stations, convenience stores, Read More...
New USDA Survey
The U.S. Department of Agriculture (USDA) announced last week that there's a new annual survey of farmers, ranchers and private forestland owners. This survey will help USDA understand what it's doing well and where improvements are needed, specifically as it relates to the Farm Service Agency (FSA), Natural Resources Conservation Service (NRCS) and Risk Management Agency (RMA). A selection of 28,000 producers will receive the survey over the next few weeks, but all farmers are encouraged to take the survey here. “We want to hear from our customers so we can learn what we’re doing right and where we’re missing the mark,” Under Secretary for Farm Production and Conservation Bill Northey said. “Good data is critical to good Read More...
Follow up to Heroes and HEALS – The Outcome
We’ve been keeping a close eye on the Democratic HEROES and Republican HEALS Acts debate among Congress because of the widespread impact to you and the economy. Our report last week (Link to article) gave you a run down of the differences between them and mentioned the impending August 7th deadline. What we didn’t mention was what would happen if no agreement could be reached. And it wasn’t. It turns out that over the past weekend Trump made good on his promise to step in if this couldn’t be solved in time by signing an Executive Action into existence. It adopted neither of the plans perfectly and became a hybrid of its own. It addressed 4 things considered crucial: Unemployment Increase The previously debated weekly bump of $600 Read More...
HUBZone Program Improvements
The SBA HUBZone program fuels small business growth in historically underutilized business zones with a goal of awarding at least three percent of federal contract dollars to HUBZone-certified companies each year. There have been three major purposes for these changes including improving the customer experience, increasing program utilization, and expanding and stabilizing the footprint. This contracting program for businesses in historically underutilized business zones now has: Streamlined application process A user-friendly application portal will be introduced in late 2020. Simplified contract verification A firm certified at the time of initial offer will generally be considered a HUBZone small business Read More...
Small Cities Development Program (SCDP)
The Small Cities Development Program (SCDP) Unit is accepting preliminary proposals, the first stage in the grant application process for eligible activities addressing community needs for owner-occupied housing rehabilitation, rental and/or commercial building rehabilitation or public facility improvements through the SCDP. Program Description: The SCDP supports community development activities that: Encourage and assist local governments to develop comprehensive economic development strategies which promote viable communities by providing economic opportunities for Low-to-Moderate Income Households; Encourage and assist local governments to develop comprehensive public facility improvement strategies in conjunction with Read More...
Restructuring Farmers are Eligible for Relief from Loan Fees!
The Minnesota Department of Agriculture is providing funds to farmers to lower borrowing costs! Recently, MDA announced that they are providing COVID-19 relief funds to farmers who are restructuring their debt. This relief provides up to half of the loan guarantee fees on USDA Farm Service Agency (FSA) restructuring loans covered through a new Minnesota Department of Agriculture (MDA) program, paid for through federal COVID-19 funding. Who is eligible to apply? In order to be an eligible applicant, you must: Have closed on a qualifying FSA restructure loan between May 28, 2020 and December 15, 2020. Be in mediation or have recently received a Mediation Notice. Have a net worth of $800,000 or less. Be a resident of Read More...
Heroes and HEALS Stimulus – What Has Our Attention
Congress continues to debate on the second round of stimulus designed to throw lifelines to every American in what is being called the “Coronavirus Recession.” Their self-imposed deadline to agree is August 7th and has us watching developments closely this week. Here’s our quick analysis. Democrats have proposed the Heroes Act and Republicans the HEALS Act. Both have plenty of well-meaning material proposed, but some key differences they will need to meld. We are watching these 4 areas closest: Stimulus Checks It appears they agree that some form of $1200 payment will come again to all individuals like what we experienced in the CARES Act earlier this year. We expect this to once again be figured on the same income formula based on the Read More...
Making Tax Season 2020 Easier – What to Consider
Rapidly approaching tax filing deadlines inspire many to vow that we’re finally going to organize that bottomless shoe box of receipts and documents that we will "get to later". One of the many questions we've been getting this year is what documentation should I retain and how can I prepare for next year's taxes? Tax planning is always important, but with the financial impact that this year’s pandemic may have imposed, you should prepare now to minimize your tax liability and/or maximize your savings from the new tax rules? With the extension being moved to July 15th, we now have less time to prepare for next tax season. We want to make it easier for you by helping you understand what should be kept, in what format and for how long. Read More...
‘Main Street’ Program – Lender Registration
From the ABA Banking Journal: Lenders may now register for the Federal Reserve’s Main Street Lender Program (MSLP), the Boston Fed announced today, adding that lenders “are encouraged to begin making Main Street program loans immediately.” Last week, the Fed announced several adjustments to the MSLP intended to facilitate participation by more small and midsize businesses. Responding to calls by ABA and others to increase small business access to the program, the Fed lowered the minimum loan size for certain loans from $500,000 to $250,000. The Fed also increased the maximum loan size for each loan option under the MSLP, increasing the term for each loan option from four years to five years and extending the repayment period for all Read More...
8 Steps to Temporarily Closing a Business
8 Steps to Temporarily Closing a Business This is an unprecedented time that has forced many small business owners to make the difficult decision to close their business. Some businesses have chosen to close permanently during this pandemic, while others are temporarily shutting the doors. A temporary closure requires a little more than hanging a “closed” sign and locking the door. The recognition of a closure needs to go further than the patrons and be recognized federally and by the state. There are proper steps that must be considered when temporarily closing and today, we take a look at those 8 steps. 1. Contact Your CPA During a period of transition or closure, your CPA will be your best friend. It's important to be strategic Read More...
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