Farmers, Ranchers Eligible for SBA Assistance Program
The Small Business Administration (SBA) began rolling out details this week on financial assistance programs initiated by passage of the federal stimulus/COVID-19 relief bill. While many questions remain around the programs, we know farmers and ranchers are eligible to participate in SBA’s Paycheck Protection Program (PPP). The PPP is a loan designed to provide a direct incentive for small businesses to keep workers on the payroll. The program is for any small business with less than 500 employees (including sole proprietorships, independent contractors, and self-employed persons). The first step for any ag producer interested in the program should be to contact their lender as application can be made through SBA approved lending institutions, including the Farm Credit System. Look for more details from Farm Bureau in the coming days as complete information is available.