NCBA welcomes ‘vital relief’ for cattle producers
The National Cattlemen’s Beef Association says the COVID-19 relief package will provide “vital relief” to cattle producers who faced “multiple market shocks” over the past year.
NCBA’s Ethan Lane says the most important provision is for additional Coronavirus Food Assistance Program (CFAP) support for cattle producers.
“This bill has some calculations in there to go back and provide some additional money for those producers in particular who really kind of fell through the cracks between April 15th and May 15th on the original CFAP program.”
Lane says the bill also provides an important clarification on the Paycheck Protection Program.
“It allows for the tax deductibility of PPP loans. That’s been an issue with IRS. This bill clarifies that even if those loans are forgiven, they will not be included in the taxable income—and it clarifies that deductions are allowed for expenses that are paid with proceeds from a forgiven PPP loan.”
Lane says that is good news for producers who obtained PPP loans.