This week the Senate passed the latest aid package, which is now on its way to the House for a likely vote and the President has indicated he will sign it. This means that the Payroll Protection Program (PPP) as well as the Small Business Administration’s Economic Injury Disaster Loan (EIDL) could reopen as early as THIS FRIDAY.
Three wins here for family farmers:
- While the previous funds excluded farmers, this bill will allow agricultural operations with fewer than 500 employees to qualify for the EIDL, which offers emergency grants of up to $15,000.
- It also will replenish the now-depleted Paycheck Protection Program, which provides forgivable loans to small businesses (including farmers) to keep their workers on the payroll.
- Targeted PPP funding will be set-aside for Community development financial institutions (CDFIs) and smaller banks, intended to increase access to smaller, minority and more vulnerable communities.
WHAT YOU SHOULD DO NOW:
To access this funding, contact your bank, local credit union or other lender ASAP to get your ducks in a row. As we saw in the last round of aid, these funds won’t last long. If you don’t have access to a traditional lending source, contact the good folks at California FarmLink who can assist farmers in need. Once the bill is signed into law, farmers can access the SBA EIDL loan application here.