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BA Deere
Honored Advisor

Farmer Covid relief frozen

I don`t need it, however about 6 months ago we were scrimping by anticipating $3 corn and $8 beans, it would be a good idea for that CFAP 3.0 to shore up the farm sector.  Just because elevator prices are currently $5.13 corn and beans $13.01 doesn`t mean all farmers sold all their bushels on all their acres at those prices.

This PPP "forgivable" loan too, I`ll believe it when I get word that it`s actually "forgiven".   And I know all the talk about running out of beans and corn pipeline supply, but in 6 months we could again be back at $3 corn and $8 beans.

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9 Replies
Hobbyfarmer
Honored Advisor

Re: Farmer Covid relief frozen

 PPP loans are/have been forgiven at least down here in South Podunk Country.

Most early schedule F filers have been forgiven and have gone in for second draw at least according to my banker friend.

Many here have just gotten their first draw since rules were changed from net to gross at Christmas time.

Those who qualify for both are getting quite a windfall. The one local bank has been calling their customers to "come and get it" the bankers get $2500 a loan finders fee this time.

 

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timetippingpt
Honored Advisor

Re: Farmer Covid relief frozen

Political payback sucks of course. 

As a hog producer, who sold hogs for under $30 in December, freezing aid to that sector is kind of nasty. Lost a big 6 figure number in 2020 in the hogs. Would have been better off to just open the doors and let them explore the neighborhood, free range it so to speak. 

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rickgthf
Senior Advisor

Re: BA, well, if you don't need it, ...

BA, well, if you don't need it and don't approve of it, what are you complaining about?

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Hobbyfarmer
Honored Advisor

Re: Well, if you don't need it, ...

Who's complaining?

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KY_TOBDirt
Senior Contributor

WOW $2,500

Ok Hobby, ?

If the banks... that are charging $2,500... and the loan is not forgiven? 

Do the bankers that are doing these loans, return the $2,500 too be put back towards the loan.

Just wondering, haven't heard about a fee in this neck of the woods. 

 

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Hobbyfarmer
Honored Advisor

Re: WOW $2,500

No the banks sre now being paid the $2500 from the sba. More if it is over $50000 loan.

There are NO fees to the borrower.

The money is tax free when forgiven. There are rules on what it can initially be spent on.

Basicly write yourself 3 or four checks for wages over a 2 month period then file for forgiveness.

 

Easy Peasy...lemon squeezy

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timetippingpt
Honored Advisor

Re: WOW $2,500

I love a bit of lemon with my orange vodka. 🙂

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k-289
Senior Advisor

Re: WOW $2,500

Larry  Kudlow  says  people  don't  need   it,  interesting  -  -  - 

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BA Deere
Honored Advisor

Re: Farmer Covid relief frozen

The PPP "loan" is the biggest Rube Goldberg contraption I`ve seen in a while. Why not cut out the middleman in the facade and flat out give us da money, plus the $2500 bank facilitation fee?  If it`s not ultimately forgiven, I`m not interested in a 1% real loan, perhaps let my Daughter who`s about to end graduate school "have it" if she can use it.

Freezing CFAP is disappointing, reentering the Paris agreement, classifying a mosquito puddle a "navigable body of water" under WOTUS, having the goal of prematurely killing the petroleum industry, killing stepped up basis of death tax. Those are a small sample of what`s going to balloon the expense column of the farmer`s balance sheet and if we are drug kicking & screaming into this "utopia" we damned well should get paid. 

Because 

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