Get Ready to be Swamped With Farmer's Revenue Letters
Extra payment limits are allowed for farmers whose farm revenue exceeds 75% of total revenue. You will be writing these letters before April 15.
The Emergency Commodity Assistance Program (E-CAP) should be released this week, at least based on the 90-day limit that Congress placed on the program which expires Friday March 21.
This program will pay farmers based on their planted acres and the normal payment limit is $125,000 per person / per entity.
For example, if you have a large farm operation with four equal owners all involved in the farming operation, then the payment limit is $500,000 if they operate as a general partnership. However, if they operate as an LLC, then the payment limit drops to $125,000.
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