Are there any programs available to help farms and agricultural enterprises?
If you know of anyone having problems due to the COVID-19 situation, USDA Farm Service Agency (FSA) can make loans to eligible agricultural producers struggling with financial crisis. FSA offers a variety of fixed rate, low interest loans to help with working capital and cash flow needs. Currently, the direct loan program rate is 2.625%, fixed. If you know of anyone that is in need of a farm loan, please tell them to contact FSA NH Farm Loan Manager, Rebecca Davis at 223-6003 or firstname.lastname@example.org
What records will help me to access new disaster relief programs if some become available?
From Keith Farrell, District Director, USDA/Farm Service Agency, New Hampshire State Office, James C. Cleveland Federal Building, 53 Pleasant Street, Room 1601, Concord, NH 03301, phone: 603.224.7941, email@example.com:
If a new disaster program is announced, typical documentation that would be needed showing the financial impact of COVID-19 may be:
- Comparison of Schedule F profit and loss numbers for 2019 as compared to farm income and expenses in 2020.
- Sale receipts of unplanned livestock sales because of the impact of the financial conditions due to COVID-19.
- Receipts for additional feed purchases needed as a result of the virus’s financial impact.
- Copies of vender open accounts bills unpaid because of the loss of farm income.
- List of account receivables not received because of the financial impact to customers.
The general rule is to keep all documentation that can help prove and measure the overall impact of COVID-19 on your farming operation.
As a farm owner, do I qualify for Small Business Administration loans?
For questions, please contact the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail firstname.lastname@example.org.
Federal Tax Updates
For those whose tax return or estimated tax payment is due by April 15, the IRS has extended the period to file and pay taxes to July 15. The deadline is automatically extended, you do not need to file an extension to meet the July 15 deadline. You will not be charged interest or penalty if tax is owed as long as payment is made by July 15, 2020. If you are owed a refund, the IRS is recommending you file as soon as possible to receive your refund in a timely fashion.
**Update, 3/31/20-New Hampshire Department of Revenue Administration has granted an extension/tax relief for the Business Profits Tax, Business Enterprise Tax, and the Interest & Dividends Tax. Additional details on this announcement.