Paycheck Protection Program Available to Farmers
The Paycheck Protection Program created under the $2 trillion CARE Act is available to farmers as well as other small businesses. There are other provisions of the CARES Act available for small businesses that farmers may be eligible for. The Small Business Administration (SBA) will administer these programs and is developing applications and information about the programs. Importantly, some of these programs will be on a first come first serve basis. So farmers need to look at this ASAP.
Besides these SBA funds, the CARE act also provides funds specifically for agriculture that will be available through USDA. USDA is currently developing criteria for these funds. More information about the USDA programs will be provided as it becomes available.
Below are links to important information regarding the SBA programs. Please relay this information to your farmers ASAP so that they will be aware of this emerging assistance.
From American Farm Bureau: Paycheck Protection Loans Available to Farmers, Regardless of Revenue, Apply Now
From U.S. Senate Committee on Small Business & Entrepreneurship The Small Business Owner’s Guide to the CARES Act
From Penn State Extension: Small Business Benefits and the CARES Act: What Farm and Food Producers Need to Know
A. Blake Brown, PhD
Hugh C. Kiger Professor and Extension Economist
Agricultural and Resource Economics
North Carolina State University