Loans

Good news for farmers. Congress just appropriated two hundred and ten billion dollars of additional cash to the Small Business Administration's paycheck protection program and an additional 60 billion for the economic injury disaster loan program. The Farm Bureau’s RJ. Carney says farmers and ranchers are now eligible for the programs, but they’ve got to act fast.

“What's most critical right now is for farmers and ranchers to go meet with their tax accountants and meet with their financial planners and review these two programs. Since farmers are eligible for both and have the applications ready because this money will go quickly.

Carney says farmers must take different steps to apply for each program.

“For the paycheck protection program. Farmers can apply for a PPP loan through a eligible PPP lender, and farmers can apply directly on the SBA website for the Economic Injury Disaster Loan Program.”

Meanwhile, a coalition, including the American Farm Bureau, sent a letter to lawmakers seeking technical corrections to the paycheck protection program. The coalition seeks to prevent hurdles that block access to the program for farmers.

The list of priorities that Farm Bureau and 38 other agricultural organizations are working to correct for farmers in the Paycheck Protection Program is additional guidance for agriculture applicants, a definition for a primary place of residence, clarity on rental payments and business related items, and also expedite approval for applications for rural lenders.