March 22, 2021 - TNLA Working For You
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DISASTER RELIEF UPDATES Many in our industry are in search of relief following the recent winter storm. TNLA remains committed to advocating for a comprehensive relief package from Congress to provide aid to the green industry. INDUSTRY ASSESSMENT: TNLA in partnership with Texas AgriLife Extention are still collecting data for the industry loss assessment. If your company has not had a chance to fill out this survey, please do so by CLICKING HERE. The results collected from loss assessments from our industry is critical. We NEED your information!!! FEMA ASSISTANCE: FEMA Assistance Available through DisasterAssistance.gov If your business was damaged or inventory lost due to the storm, we would encourage those businesses to apply for potential aid through the DisasterAssistance.gov website. This website will help determine what programs you may qualify for through FEMA or the Small Business Administration (SBA). Applications can be made by clicking here. USDA FARM SERVICE AGENCY – Tree Assistance Program or Low-Interest Loans Growers, specifically, should contact their local USDA Farm Service Agency office and inquire about aid available for the nursery industry. Potential programs may include the Tree Assistance Program (TAP) and certain low-interest loans. Find your regional FSA office click here for more information. TEXAS DEPARTMENT OF AGRICULTURE STAR FUND Texas STAR Fund is available from the Texas Department of Agriculture to apply for a small relief payment to provide immediate assistance. Applications can be made by clicking here. IRS HAS ANNOUNCED RELIEF FROM TAX SCHEDULE The IRS will postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after February 11, 2021, and before June 15, 2021, are postponed through June 15, 2021. This includes 2020 business returns, normally due on March 15, and individual and business returns normally due on April 15. Find more information visit here. COVID-19: 1st & 2nd PPP Loans The PPP program will expire on March 31, 2021, with a possible extension to May 31, 2021. TNLA has partnered with TransPecos Banks, a Texas state savings bank headquartered in San Antonio, to be the endorsed source for TNLA members to obtain First and Second draw Paycheck Protection Program (PPP) loans. The Paycheck Protection Program is still open and TransPecos Banks continues to receive and process PPP applications and stands ready to support your business needs. If you think you qualify or want to learn more about the Paycheck Protection Program (PPP) please apply by clicking here. If you are a small business and suffered a 25% decline in revenue during any quarter of 2020 compared to 2019, you could be eligible for a PPP loan. The Paycheck Protection Program is designed to help small businesses affected by the Pandemic get through unexpected challenges. Additionally, the SBA recently released an Interim Final Rule that substantially changes PPP loans for Schedule C filers because it establishes an alternative calculation methodology for payroll costs for sole proprietors and independent contractors. The SBA has determined Schedule C filers may now calculate the owner compensation share of their “payroll costs” based on either “gross income” or “net earnings from self-employment”. TransPecos Banks has been a leader within the state of Texas in issuing these loans and successfully processed thousands of PPP loans during the first-round last year and is well into thousands more this round. Our online application process is easy to use and our team is available to answer any questions you have. You do not need to have an account at TransPecos to be eligible for a PPP loan.
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