Changes were passed by the House and Senate to the SBA’s PPP program, and offers farmers and ranchers more flexibility. The Farm Bureau’s Braden Jensen says the changes will help farmers use the program much easier
"It was issued to help farmers in the area of a sole proprietorship, they're all self-employed, its how they can tap into this program and get some of those benefits," said Jensen.
Jensen says the legislation will extends the deadline to apply for PPP funds from June 30 to December 31, 2020.
“The SBA and Congress certainly suggest that borrows reach out to their lender to see if they might be able to get their payback period extended to that five years,” said Jensen.
Through the two rounds of PPP funding, Jensen says Congress has allocated roughly $670 billion for the program, with more than $120 billion still available.
“So far, through May 30, only 1.5 percent of the total obligated funds have been used for agriculture, forestry, fishing and hunting operations,” added Jensen
As Idaho Farmers move into the thick of the 2020 season, they’ll have help meeting the payroll.