Finally! We’ve been asking for guidance on PPP loan amounts for Farmers, and 29 days later, we were provided with an FAQ that provides information on how to calculate maximum loan amounts, by business type, including Schedule F’s. Treasury confirms that PPP applications submitted but not yet entered into E-tran will not have to be recalculated using the new guidance. PPP submissions re-opened on April 27, 2020. Self Employed Farmers should use IRS Form 1040 Schedule F in lieu of Schedule C, and Schedule F line 34 net farm profit should be used to determine loan amount in place of Schedule C line 31 net profit. The calculation is otherwise the same as for Schedule C filers, and is capped at $100,000. The 2019 IRS Form 1040 Schedule 1 Read More...
EIDL for Agricultural Enterprises TODAY!
Notice from the SBA: In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories were able to apply for an Economic Injury Disaster Loan advance of up to $10,000. This advance is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue. This loan advance will not have to be repaid. SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications on a limited basis only to provide relief to U.S. agricultural businesses. As of TODAY, only agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already Read More...
Small Business Relief Fund
The Entrepreneur Fund, Northland Foundation, and Northspan have partnered in developing the Small Business Relief Fund to support businesses in our region hard hit by the coronavirus pandemic. Funding will be used to provide financial assistance to business owners who are facing significant challenges. Small Business Relief Fund Eligibility Businesses located in the Entrepreneur Fund service area: Aitkin, Benton, Carlton, Cass, Cook, Crow Wing, Itasca, Kanabec, Koochiching, Lake, Mille Lacs, Morrison, Pine, St. Louis, Stearns and Todd Counties in Minnesota and Douglas County in Wisconsin. Be current on financial obligations as of March 1st, 2020. Affirm they intend to remain open or to reopen. Demonstrate need for financial Read More...
Coronavirus Funding – Senate Passes $484 Billion Bill
On Tuesday, April 21st, via voice-vote, Senate passed a $484 billion interim coronavirus funding bill which will replenish the emergency loan program for small businesses called the Paycheck Protection Program (PPP). This bill will also provide billions of dollars in funding for the Economic Injury Disaster Loan program (EIDL), hospitals, and will allow for expanded coronavirus testing. The $484 billion will be allocated as follows: $322 billion — is for replenishing the PPP, which dried up very soon after the application window opened. Roughly $60 billion of that total will be allocated to small lenders and community banks. $60 billion for the Economic Injury Disaster Loan program, which reaches communities and small Read More...
USDA Coronavirus Food Assistance Program
With a deep-rooted history in agriculture, we have been anxiously awaiting news of disaster relief funding for our friends who serve in that industry. The long awaited news has been released. Late yesterday (4/17/2020), the USDA announced a $19 billion program that will take several actions to assist farmers, ranchers, and consumers in response to the COVID-19 national emergency. USDA Coronavirus Food Assistance Program Highlights According to AgWeb.com: USDA will provide $16 billion in direct payments to farmers and ranchers including: $9.6 billion for the livestock industry $5.1 billion for cattle $2.9 billion for dairy $1.6 billion for hogs $3.9 billion for row crop producers $2.1 billion for specialty Read More...
US Chamber of Commerce “Save Small Business” Fund
4/22/2020 - Update: The US Chamber of Commerce announced late on Tuesday afternoon (April 21st) that the overwhelming demand and influx of applications forced a system malfunction. With more than 15,000 applications in the first few minutes of opening the application window, the US Chamber is no longer accepting applications. At Christianson, we are aware of the economic challenges that have surfaced for businesses due to COVID-19 and we will keep you apprised of funding opportunities as they're released. ******************************************************************* 4/16/2020 - BREAKING NEWS: The US Chamber of Commerce Foundation has opened Small Business Grants of $5,000. Funded by corporate and philanthropic partners, the Save Read More...
COVID-19 Unemployment Benefits
If your employment status has been affected by COVID-19, you can apply for unemployment benefits. Below was found on the Minnesota Unemployment Insurance website. On March 16, 2020, Minnesota Governor Tim Walz issued an executive order to ensure workers affected by the COVID-19 pandemic have full access to unemployment benefits. The executive order makes applicants eligible for unemployment benefits if: A healthcare professional or health authority recommended or ordered them to avoid contact with others. They have been ordered not to come to their workplace due to an outbreak of a communicable disease. They have received notification from a school district, daycare, or other childcare provider that either classes are Read More...
Families First Coronavirus Response Act (FFCRA)
On March 18, 2020, the Senate passed and the President signed into law the Families First Coronavirus Response Act (FFCRA). Here are some notes you may need to know as it relates to FFCRA (for self-employed individuals, please scroll to the section titled Self-Employed Individuals): The law is effective 4.2.2020 thru 12.31.2020 FFCRA covers all employers with less than 500 employees including nonprofits and government agencies Employers with less than 50 employees are eligible for an exemption from the requirements to provide leave to care for a child whose school or child care is closed where the requirements would jeopardize the ability of the business to continue. Credit is not available to employers that are already Read More...
COVID-19 – No More In-Person Appointments
As we monitor the COVID-19 situation developing around the world (by following the CDC and WHO), our top priority is to maintain the health and safety of our employees, clients and community members while maintaining a consistent level of client service. We wanted to reach out to you to provide another update on what Christianson is doing in the wake of the current events. Effective today, we will no longer be holding in-person appointments until April 3rd. We will have a drop-off plan for clients who need to bring in material to get their taxes completed. We will also have our front desk staffed for those picking up tax returns, but we respectfully ask that everyone follows the CDC guidelines with proper hand sanitizing measures as well Read More...
COVID-19
Regarding COVID-19: This is a profoundly anxious time in the world, and with recent government announcements stating that there will be many local closings, we feel it’s time that we address our staff, clients, and community members and what steps we plan to take to ensure everyone stays safe and limits potential exposure. We are committed to providing the same level of exceptional service and expertise as always. Please expect that if you have a currently scheduled meeting with one of our team members, you will be contacted prior to that meeting to discuss comfort levels of meeting in person. During this discussion, we may ask you about recent travel that would potentially impact that meeting. If there are any concerns, we will work Read More...
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