The $350 billion Paycheck Protection Program (PPP) designed to help small businesses with fewer than 500 employees amid the coronavirus pandemic, including farmers, has run out of money. The Small Business Administration made the announcement on Thursday.
The SBA is urging Congress to appropriate more funds after they say they processed more than 14 years’ worth of loans in less than 14 days.
Due to initial confusion about the program for farmers and it being planting season, many farmers likely missed the boat on the PPP. Indiana Senator Mike Braun (R) believes more funding is on the way and more of it should go to farmers.
“A farmer would be a great example of what I think needs to be done when we reauthorize another $250 billion, is that the smallest of the small businesses get access first. I believe Democrats and Republicans would agree to it.”
Republicans sought to pass an additional $250 billion for the program but Democrats want more money for state and local governments and hospitals to be included.
“That’s the hold up on the other side of the aisle. Last Thursday it could have gone through unanimous consent but was objected to by the Democrats.”
Farmers were initially deemed ineligible for the forgivable loan by the SBA before they changed course and allowed farmers to apply, though it may have been too late.