New U.S. aid program grants loans to farms
A new federal emergency aid program promulgated by President Donald Trump on April 24 includes $ 60 billion in loans and grants for a separate economic disaster lending program and makes farms and ranches eligible for loans , according to the National Thoroughbred Racing Association.
Farms with 500 or fewer employees primarily engaged in horse breeding are now eligible.
The new aid program offers additional relief to small businesses and healthcare facilities, and the Small Business Administration has released updated guidelines that will help the equestrian industry. The oversubscribed paycheck protection program will be replenished with $ 310 billion. The additional credit will allow financial institutions to provide additional forgivable loans to qualifying small businesses to keep employees on the payroll for eight weeks.
Separately, the US Treasury and the SBA have released updated Interim Final Rules that contain key clarification that will provide essential relief to racetracks and other businesses that rely on gaming revenue and otherwise qualify for an SBA loan. Under the new rules, businesses that earn legal gambling income are eligible for this loan waiver program.
The NTRA has been lobbying the SBA for this update of the guidelines for several weeks.
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“We thank the SBA and our allies on the Hill for providing clarification that will allow for greater participation in PPP and EIDL loan programs by racetracks, farms and others in our industry who have been negatively affected by the coronavirus pandemic, ”NTRA chairman and CEO Alex Waldrop said.
NTRA partner Dean Dorton, one of the leading national experts in equine tax matters, posted an update on his COVID-19 microsite on NTRA.com which outlines these new provisions that will positively affect racing and riding. horse breeding.
Click here to download Dean Dorton’s presentation on how federal stimulus programs affect horse racing and breeding operations.