Covid-19 Financial Aid
“There is a plus up in CCC funding to refill previous funding levels. It's also a nine and a half billion dollar allotment that is to be used at USDA’s discretion. In addition to the USDA funds, farmers can avail themselves of some programs available through the Small Business Administration.”
Farmers are not eligible for the SBA emergency disaster loan program, but can apply for assistance through the paycheck protection program.
“This allows farmers and small businesses to be able to pay employees for an eight week period during a range between February 15th and June 30th. So if you are a business with five hundred employees or fewer, you're eligible for that program.”
The three hundred forty nine billion dollars for the paycheck protection program are allotted on a first come, first served basis. Nigh says farmers and ranchers can find resources to help them navigate the programs online.
“If you go to SBA.gov, you can find a local assistance location near you. It's important to know that the paycheck protection program, you don't apply to SBA specifically. You actually apply to local approved lenders
but SBA is providing a lot of guidance on their website where you can get more information. They also provide a list of approved local lenders.”
As the covid-19 crisis continues, farmers need all the help they can get.