LINCOLN, NEB. – “Congress’s passage of the COVID-19 assistance package includes several important actions to assist Nebraska’s farm and ranch families, chief among them is a much needed clarification that farmers, ranchers, and other businesses will be allowed to deduct business expenses for tax purposes when such expenses were paid for using loan funds secured through the Small Business Administration’s Paycheck Protection Program (PPP). This important step ensures those who participated in the PPP program will not face a “surprise” tax bill. Program participants were widely under the impression that business expenses covered by PPP loans would continue to qualify for tax deductions per the Internal Revenue Service’s normal rules on business expenses. Farm Bureau has been a strong advocate for this important fix.”
“In addition, Congress also included direct assistance to crop and livestock producers, biofuels producers, livestock producers forced to euthanize livestock due to meat packing facility closures, as well as assistance for small meat and poultry processors for upgrades to facilities. We thank Congress for its continued support for farm and ranch families through these COVID-19 assistance actions, which clearly demonstrate Congress’s understanding of the important role a healthy agricultural economy plays in our nation’s well-being.”
The Nebraska Farm Bureau is a grassroots, state-wide organization dedicated to supporting farm and ranch families and working for the benefit of all Nebraskans through a wide variety of educational, service, and advocacy efforts. More than 58,000 families across Nebraska are Farm Bureau members, working together to achieve rural and urban prosperity as agriculture is a key fuel to Nebraska’s economy. For more information about Nebraska Farm Bureau and agriculture, visit www.nefb.org.