Business

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Farmer expected to end 2020 with best net income in 7 years

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DES MOINES, Iowa (AP)—Thanks to the government paying nearly 40 percent of their income, U.S. farmers are expected to end 2020 with higher profit than 2019 and the best net income in seven years, the Department of Agriculture said in its latest farm income forecast in December. Farm cash receipts are forecast to decrease nearly 1 percent to $366.5 billion, the lowest in more than a decade, measured in real dollars. Direct federal government payments saved farmers’ bottom line: Farmers overall saw a 107 percent increase in direct payments from 2019, when a third of net income came directly from the government. Excluding USDA loans and insurance indemnity payments made by the Federal Crop Insurance Corp., farmers are expected to receive $46.4 billion from the government, the largest direct-to-farm payment ever. That includes $32.4 billion in assistance through coronavirus pandemic relief food assistance and Paycheck Protection program payments to farmers. Additional support comes from more traditional revenue-loss programs due to low commodity prices, compensation for trade disruptions resulting from tariff battle, and conservation programs assistance. Overall, farmers will see the highest level of net farm income, a broad measure of profitability, since 2013, the USDA said.
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SBA Extends COVID-19 Economic Injury Disaster Loan application deadline through Dec. 2021

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WASHINGTON—The U.S. Small Business Administration today announced that the deadline to apply for the Economic Injury Disaster Loan [EIDL] program for the COVID-19 Pandemic disaster declaration is extended to Dec. 31, 2021. The deadline extension comes as a result of the recent bipartisan COVID-19 relief bill passed by Congress and enacted by President Trump on Dec. 27.

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Third quarterly AgriLife oil and gas miniseries is postponed

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The third in a series of Hemphill County AgriLife oil and gas short courses, which was scheduled for next Tuesday, Jan. 19, has been postponed and will be rescheduled at a later date. The miniseries is being hosted by Haley and Bryce Ward, both of whom have a broad range of expertise in the oil and gas industry.

The classes, which are designed to be no longer than two hours, address a variety of topics of particular interest to land and mineral owners. Haley Ward announced the postponement of this month’s class, and said a new date will be announced when scheduled.

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Comptroller distributes $783M in monthly sales tax revenue

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AUSTIN—Texas Comptroller Glenn Hegar announced this week he will send cities, counties, transit systems, and special-purpose taxing districts $783.2 million in local sales tax allocations for January, 2.6 percent more than in January 2020. These allocations are based on sales made in November by businesses that report tax monthly.
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Xcel Energy brings Sagamore Wind Project online

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PORTALES, N.M.—The Sagamore Wind Project, one of the largest wind farms ever built in New Mexico, is now complete and is expected to save Xcel Energy’s New Mexico and Texas customers $110 million annually in generating fuel costs by using the free and abundant wind of Roosevelt County, New Mexico, to produce clean electricity for a growing economy.