Yesterday, the Senate approved an additional $310 billion for the Paycheck Protection Program (PPP), which provides forgivable loans for small businesses impacted by COVID-19. Farms and ranches are eligible for the PPP, and applications should resume once the House approves and the President signs the measure. The House will likely vote today to pass the bill, so we wanted to share this information about the program quickly so that you can be prepared to apply. We expect the funds to run out quickly, and applications will be approved on a first come, first served basis.
Our colleagues at Nebraska Farm Bureau put together a comprehensive analysis of the program, and we have incorporated their ideas into the attached document.
If passed, the bill will also make agricultural businesses eligible for the Economic Injury Disaster Loan program. As always, please be sure to speak with an approved SBA lender to determine your eligibility for these programs.
