More funding for the Paycheck Protection Program (PPP) and agriculture being allowed to participate in the Small Business Administration’s Economic Injury Disaster Loan program were two highlights for farmers from Tuesday’s $484 billion coronavirus package that passed through the Senate.
Of the $484 billion, $300 billion of that is slated for the PPP. The program ran out of the initial $350 billion last week.
According to Reuters, Senate Democrat leader Chuck Schumer said that $125 billion of small business funds included in the deal will go to “mom and pop” and minority-owned stores.
The bill also includes an additional $60 billion for the Economic Injury Disaster Loan program. This means ag businesses can now apply for low-interest loans through the program and may also qualify for the $10,000 emergency grants. To be eligible, ag businesses will have to show that they have been hurt by the economic downturn caused by coronavirus.
More information on the programs that can help farmers can be found on the Small Business Administration website.