CARES Act Loans Still Available
As unemployment continues to surge across the country - farmers and ranchers are looking for answers and financial help.
The CARES Act is meant to do just that for small businesses in agriculture.
Somebody who was key in putting it all together is the Chairman of the Senate Banking, Housing, and Urban Affairs Committee - Senator Mike Crapo.
The Paycheck Protection Program went into effect on April 3. Crapo has been working closely with the U.S. Department of Treasury and the Small Business Administration (SBA), urging them to provide additional clarity to banks, credit unions and non-bank lenders so that these institutions can provide loans to small businesses more quickly and efficiently.
The agencies have released additional guidance that can be found on Treasury’s website here and SBA’s website here.
“Just days after going into effect, the Paycheck Protection Program has provided roughly $70 billion in relief to small businesses across the country,” Crapo said. “It is no easy feat to get a program of this magnitude up and running in one week, and I commend the Treasury Department and SBA for what they have accomplished. The Program has not been without its hurdles, and I have urged the agencies to quickly provide clarity so that lenders and small businesses in Idaho and across the country can take advantage of the Program during this difficult time.”
Crapo also sent a letter to the banking regulators, encouraging them to look for more ways to help strengthen the Paycheck Protection Program, right-size regulations to promote lending, and provide the Banking Committee with statutory changes and recommendations necessary to stabilize markets and expand lending during the COVID-19 crisis.