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.
I have been a practicing all natural farmer in the second smallest County, Amador, in Northern California for over 15 years. Our family of five have successfully operated a farm to fork cafe and community farm for over 30
Years. Our 22 employees are all laid off and our income DowN to ZERO!!
Tractor payments looming. Please help us as small farmers deeply entrenched in a small struggling community. Our cakes name is ROSEBUDS’s located at 26 Main Street
Jackson. CA 95685. Our farms name is MAJESTIC OAK FARM 5423 Buena Vista Rd IONE CA. 95685. Give us some HOPE out here in rural AMERICA THANKS.