As of this past Friday, there is new funding for PPP and EIDL, the Small Business Administration’s COVID-19 relief programs. Farmers are now eligible for both. Like the first round of funding, it’s first come first serve, so APPLY ASAP. Review of changes: * Economic Injury Disaster Loan (EIDL) expanded to allow agricultural operations with fewer than 500 employees to qualify. EIDL offers emergency grants of up to $10,000 in cash to businesses that are losing revenue amid the coronavirus pandemic. Apply directly with SBA -- click here. * Paycheck Protection Program, which provides forgivable loans to small businesses (including farmers) to keep their workers on the payroll, has been replenished. Apply quickly! The previous bill’s funding ran out in less than two weeks. You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. You should consult with your local lender as to whether it is participating in the program. Go here for details.
There are a number of webinars available to help farmers navigate the process of applying: · April 28, 8AM CT -- SBA webinar on EIDL and PPP, Register here · April 28, 10AM CT -- SBA webinar on EIDL and PPP, Register here · April 28, 12PM CT -- SBA webinar on EIDL and PPP, Register here · April 28, 2PM CT -- SBA webinar on EIDL and PPP, Register here · April 29, 3PM CT – Farm Commons webinar, EIDL focus, sign up here · April 30, 3PM CT – Farm Commons webinar, PPP focus, sign up here |