Paycheck Protection Program
While farmers and ranchers seeking loans during the COVID-19 emergency welcome the flexibility the House and Senate bills would provide, outstanding questions remain related to rental income, H-2A workers and the availability of additional funds for those shut out of the program..
Through May 30, 2020, $510.2 billion in PPP loans have been approved. This loan value has been spread across 4,475,599 loans. Unfortunately, only $7.6 billion of those funds, or 1.5%, have been given to agriculture, forestry, fishing and hunting operations. Changes proposed in the House and Senate bills could make the program more attractive to farmers.