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If you are wondering about the programs available read below and this describes the program you may be eligible if you have paid employees.
If you are farming and have paid employees (WITH PAPERWORK) you may be eligible for financial support during the COVID 19 quarantine. This act offers 2 programs for within this Act.
The program available to farmers is the PPP. IT
is a forgivable loan to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and employee and compensation levels are maintained. Payroll costs are capped at $100,000 on an annualized basis
for each employee. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs
The PPP is first come first serve so if you are thinking of applying I would do it sooner than later.
First, you have to contact your bank to get in line for this, so reach out to them asap if interested, sometimes the link will be under their "loans" tab. Not all banks are offering this, many are in the process of applying to
become approved lenders, reach out to another bank if needed. (US Bank and OnPoint do).
This form reflects the information that will be collected (the information will be collected electronically)https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf.
Provide payroll documentation to lenders. Visit your bank to see if they are accepting applications.
We continue to hear that many lenders still don't have critical info from SBA to start processing loans, and apparently some SBA field staff are still telling farmers they aren't eligible. We are trying to get SBA to issue clarity
on this but if you have heard from your SBA lender that farmers are NOT eligible for PPP, please let me know (and send me name of lender and reason as well).
Additional PPP resources:
Borrowers Information Sheet
Sample Loan Application
The Economic Injury Disaster Loans (EIDL) for farmers is another issue. Currently, Small Business Administration (SBA) maintains that farms and nurseries
are not eligible for SBA EIDL. Organizations are in contact with legislatures to advocate change for eligibility. We will keep you posted if this position changes so farmers can also apply to this fund.
Sending thoughts of health and safety,