Getty Images The IRS issued a notice that the forgiven PPP loan amounts are not deductible as it would result in a so-called double tax benefit.
Hundreds of farm and business groups from the West and around the country are urging Congress to enact legislation before the end of the year that includes a technical correction addressing the tax treatment of loan forgiveness under the Paycheck Protection Program (PPP).
As Western Growers explains, President Donald Trump in March signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law, which included the PPP. Congressional intent of the CARES Act was to allow for continued payroll deductibility, even for the amount forgiven under the PPP loan program.
Photo credit: Angelia Weiss, Getty Images contributor The ethanol industry, which says it has lost $3.8 billion in sales since March due to the pandemic, is increasingly looking to the Biden administration for relief at the same time that farm groups want the new president to resolve the trade war with China. But a Purdue University professor said it was unlikely that President Biden, when he takes office on Jan. 20, will immediately undertake broad-scale trade reform, pointing out that “he has other priorities that take precedence.” Corn ethanol production is down 2 billion gallons this year because of the economic slowdown that accompanied the pandemic and reduced gasoline consumption, said the Renewable Fuels Association on Wednesday. Geoff Cooper, the RFA’s chief executive, said Congress is shying away from targeted aid, but that the USDA could provide the money if Congress provides a new tranche of cash for agricultural assistance.
As a new year begins, we want to share the good news that U.S. wheat exports to Asian markets are increasing, and the outlook for those markets remains positive, notwithstanding the unique trade dynamics over the past several years.
Yes, the rejection of the Trans-Pacific Partnership (TPP) and the trade dispute with China caused some heartburn for U.S. Wheat Associates (USW), the National Association of Wheat Growers (NAWG) and our Asian customers. Yet U.S. wheat demand in the region weathered the storms in part because USW, NAWG and farmers serving on our Joint International Trade Committee had full access to sympathetic ears at the Office of the U.S. Trade Representative (USTR) and USDA. Those officials understood our concerns and kept them front and center in their negotiations.
Washington, D.C. (December 15, 2020) – Today, the National Association of Wheat Growers (NAWG) issued a letter to the Biden-Harris transition team which introduces NAWG, outlines pending policy issues needing immediate attention for the upcoming Administration, and provides a primer on the wheat industry. NAWG President and Cass City, MI wheat farmer Dave Milligan made the following statement in response:
“With inauguration quickly approaching, NAWG is seizing the opportunity to make the new Administration aware of its policy positions for the next four years and current issues facing wheat farmers.
“In its communication to the transition team, NAWG discusses the vital role farm support programs, like the federal crop insurance program, play in protecting the livelihoods of farmers when a disaster strikes. NAWG also touches on how wheat contributes to a healthy diet and the work wheat farmers are doing to end hunger at home and abroad.
Courtesy of Pennsylvania Soybean Board
TOP GROWERS: Mike and Bob Shearer of Twin Lane Farm in Mount Joy, Pa., took top honors in the 2020 Pennsylvania Soybean Yield Contest. Mike and Bob Shearer had a winning yield of 100.69 bushels an acre.
Dec 14, 2020
For the second consecutive year, Twin Lane Farm owned by Mike and Bob Shearer (2018 Mid-Atlantic Master Farmer) from Mount Joy, Pa. was the state’s top producer in the Pennsylvania Soybean Yield Contest, sponsored by the Pennsylvania Soybean Board.
Their winning yield was 100.69 bushels per acre. The mean yield of 2020 contest entrants was 80.59 bushels an acre, down from the 2019 average of 83.18 bushels an acre.