Paycheck Protection Program
On April 2nd, the Department of Treasury (Treasury) and Small Business Administration (SBA) released an interim final rule on the Paycheck Protection Program (PPP). Agricultural producers are eligible to participate in the program and should contact their agricultural lenders to apply immediately.
While SBA still needs to confirm some administrative details, loans will be provided on a first-come, first-served basis and producers can get started on the application now.
· Top-line overview of the PPP program
· Information for prospective borrowers
· Application for borrowers
Below please find additional details about the PPP program provided by NASDA.
1. Program Eligibility
Waiting on SBA to clarify the definition of
“small business concern” – do not anticipate any undue restrictions.
Waiting on SBA to confirm whether H2A workers
are counted as “employees” for the purposes of determining size.
2. Loan Terms
Forgiveness is based on the employer maintaining
or quickly rehiring employees and maintaining salary levels. Forgiveness
will be reduced if full-time headcount declines, or if salaries and wages
3. The best POC for questions on the Paycheck Protection
Program is the Lender Relations Specialist in your local SBA Field
The local SBA Field Office may be found at https://www.sba.gov/tools/local-assistance/districtoffices.