The next few weeks are year-end financial and tax planning time for a lot of Wisconsin farms. It is the time to gather all the receipts and documentation needed for the accountant or tax preparer. Farms that obtained a Paycheck Protection Program (PPP) loan through an independent lender, administered by the Small Business Administration (SBA), may also find this to be a good time to review the application steps for PPP loan forgiveness.
Farmers with questions about making forgiveness applications can join a live web meeting, entitled, What Farmers Need to know about PPP Loan Forgiveness, on Friday, Dec. 11 at 11 a.m. Presenters and topics are:
- Marissa Koller, Associate Credit Officer for Compeer Financial will discuss her organization’s process in supporting farmers applying for PPP forgiveness.
- Katie Wantoch, UW-Madison Extension Dunn County Agriculture Educator, will discuss tax planning and PPP loan forgiveness.
The CARES Act allowed SBA, through the PPP, to provide potentially forgivable loans to small businesses. The PPP loan covered eligible payroll costs and/or self-employment income along with other allowable expenses during the COVID-19 pandemic. This program expired on Aug. 8, 2020.
This web meeting is a collaboration of UW-Madison Division of Extension, the Wisconsin Small Business Development Centers (WSBDC), the Wisconsin SBA and Compeer Financial. The webinar is directed to a farmer audience and available at no cost, but pre-registration is required. Use this link to register for the Friday, Dec. 11, 2020 11 a.m. – noon web meeting https://bit.ly/Dec11_PPP . Once registered, a connection link will be sent to your email address.
More information and guidance will be shared during the webinar on Dec. 11, 2020. Farmers can also reference PPP Loan Forgiveness: what farmers need to know or UW-Madison Extension’s Farm Management website at https://farms.extension.wisc.edu/ or you may contact Joy Kirkpatrick by email at email@example.com or phone 608-263-3485.