TWIN FALLS — As COVID-19 continues to wreak havoc on the agricultural industry, one law firm in Twin Falls decided to host webinars to be able to provide farmers with the support they need during this time.
"For somebody that's feeling the pressure financially in their business and their operation, when you start to feel the pressure, that is the time you need to start talking to your trusted advisers, your tax accountants your business planners and the attorneys to find out what your options are," Chad Moody, Associate Attorney for Angstman Johnson, said.
Due to a massive cut in demand with restaurants and schools shut down, dairy farms have had to pour milk down the drain, and meat processing plants nationwide have had to shut down.
The U.S. Department of Agriculture has created programs to be able to assist farmers and ranchers during these uncertain times, but some of the language in those programs can be hard to understand. Moody decided to host the webinar to be able to clear up those misunderstandings.
"There were some concerns about whether or not the first cares act, when the FDA first implemented it, there were some concerns about whether or not some farmers and agriculture families were actually qualified under that. And some of the language was cleared up in the more recent version of the act to confirm that yes agriculture families are indeed qualified to take advantage of the PPP loans," Moody said.
On top of the federal programs, another option farmers have is filing for bankruptcy. Moody says although this is the last option for most people, it shouldn't be.
"Because if bankruptcy is a good option for you, the sooner you get involved in that, you might have more options," Moody said.
The law firm plans to continue to hosts webinars to help not only the agricultural industry but small businesses as well.
"The goal is to really let people know, hey there are these options out there for people to take advantage of," Moody said.
If you would like to attend one of their webinars, visit their website.