ECONOMIC INJURY DISASTER LOAN APPLICATION PROCESS RESUMES FOR BREEDING FARMS

ECONOMIC INJURY DISASTER LOAN APPLICATION PROCESS RESUMES FOR BREEDING FARMS
The Small Business Administration (SBA) has reopened the application process for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program after a short delay. Farms with fewer than 500 employees whose primary activity is breeding horses may now apply for these loans offered to businesses that have suffered economic hardship as a result of the coronavirus pandemic.
“This is welcome news and a terrific opportunity for horse farms that are currently facing a number of daunting challenges,” said NTRA President and CEO Alex Waldrop. “The NTRA encourages quick action by those interested, as the loans are processed on a first-come, first-served basis.”
Click here to access the EIDL application.
The NTRA lobbied the SBA for several weeks after farms were excluded from earlier federal emergency aid packages. On April 24, President Trump signed into law another package providing relief to small businesses, including farms and ranches.
NTRA partner Dean Dorton, one of the nation’s leading experts on equine tax matters, posted an update to the COVID-19 microsite on NTRA.com that outlines the new provisions that will positively impact horse breeding farms. That PowerPoint can be found here.
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New SBA Guidance Makes Tracks Eligible for Paycheck Protection Program; Farms Can Now Apply for Economic Injury Disaster Loans

President Trump signed into law today (4-24-20) an emergency aid package providing additional relief to small businesses and health care facilities, and the Small Business Administration released updated guidance that will assist the horse industry.

 

The new law provides $310 billion to replenish the Paycheck Protection Program (PPP) for small businesses, which was oversubscribed. The additional appropriation will allow financial institutions to make additional forgivable loans to eligible small businesses in order to keep employees on the payroll for eight weeks.

 

The new law also includes $60 billion in loans and grants for a separate Economic Injury Disaster Loan (EIDL) program, and makes farms and ranches eligible for the loans. Farms with 500 or fewer employees whose primary activity is breeding horses are now eligible to apply.

 

Separately, the Treasury and SBA released updated interim final rules that contain a key clarification that will provide essential relief to racetracks and other businesses who rely on gambling income and otherwise qualify for an SBA loan. Under the new rules, businesses that receive legal gambling income are eligible to apply for this loan forgiveness program.

 

The NTRA has been lobbying the SBA for this updated guidance for several weeks.

 

“We thank the SBA and our allies on the Hill for providing clarification that will allow broader participation in the PPP and EIDL loan programs by racetracks, farms and others in our industry who have been negatively impacted by the coronavirus pandemic,” said NTRA President and CEO Alex Waldrop.

 

NTRA partner Dean Dorton, one of the nation’s leading experts on equine tax matters, has posted an update on its Covid-19 microsite at NTRA.com that outlines all of these new provisions that will positively impact horse racing and breeding. That PowerPoint can be found here.

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Racetracks, Horse Ownership Entities Now Eligible For Paycheck Protection Loan Program

by | 04.24.2020 | 1:24pm

President Trump signed into law today an emergency aid package providing additional relief to small businesses and health care facilities, and the Small Business Administration released updated guidance that will assist the horse industry.

The new law provides $310 billion to replenish the Paycheck Protection Program (PPP) for small businesses, which was oversubscribed. The additional appropriation will allow financial institutions to make additional forgivable loans to eligible small businesses in order to keep employees on the payroll for eight weeks.

The new law also includes $60 billion in loans and grants for a separate Economic Injury Disaster Loan (EIDL) program, and makes farms and ranches eligible for the loans. Farms with 500 or fewer employees whose primary activity is breeding horses are now eligible to apply.

Separately, the Treasury and SBA released updated interim final rules that contain a key clarification that will provide essential relief to racetracks and other businesses who rely on gambling income and otherwise qualify for an SBA loan. Under the new rules, businesses that receive legal gambling income are eligible to apply for this loan forgiveness program.The NTRA has been lobbying the SBA for this updated guidance for several weeks.

“We thank the SBA and our allies on the Hill for providing clarification that will allow broader participation in the PPP and EIDL loan programs by racetracks, farms and others in our industry who have been negatively impacted by the coronavirus pandemic,” said NTRA President and CEO Alex Waldrop.

NTRA partner Dean Dorton, one of the nation’s leading experts on equine tax matters, has posted an update on its Covid-19 microsite at NTRA.com that outlines all of these new provisions that will positively impact horse racing and breeding. That PowerPoint can be found here.

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