Kansas Grain Sorghum recently hosted the U.S. Small Business Administration’s Wayne Bell, Wichita District Director, on the Sorghum State Podcast for a timely discussion on the federal CARES Act provisions available to sorghum producers.
Listen to the 10-minute conversation here or in the Audio tab of this website as Mr. Bell shares important information and answers questions you may have for your small business, including:
- Relief program overviews;
- Finding a participating banking lender;
- Application guidelines based on farm business structures.
Take note, specifically regarding the Paycheck Protection Program and the loan calculation for Self-employed farmers (i.e., those who report their net farm profit on IRS Form 1040 Schedule 1 and Schedule F). These applicants should use IRS Form 1040 Schedule F in lieu of Schedule C, and Schedule F line 34 net farm profit should be used to determine farmers’ loan amounts in place of Schedule C line 31 net profit. The 2019 IRS Form 1040 Schedule 1 and Schedule F should be included with the loan application.