SBA Loan Program Open Now for Farmers/Ranchers

WASHINGTON, DC – In response to the economic hardships being faced in the wake of COVID-19, Congress passed the CARES Act. The act made low-interest loans available to businesses with less than 500 employees. In the case of the Paycheck Protection Program (PPP), the loan may be forgiven if used strictly for payroll. During the first round, all funding was exhausted. Congress authorized more money and more than 2.2 million loans totaling more than $175 billion has been doled out in the second round of PPP funding. In addition, the Small Business Administration (SBA) began accepting Economic Injury Disaster Loan (EIDL) and EIDL Advance applications again. However, during this application window, only agricultural business applications will be accepted and the application goes directly to SBA. It’s estimated that the application process will take two hours. Here’s the link: https://www.sba.gov/disaster-assistance/coronavirus-covid-19