The Senate has extended the Small Business Administration’s Paycheck Protection Program to August 8th. That’s been an important source of aid for farmers and ranchers and small businesses hurt by the pandemic. Currently there’s about $130 billion remaining in that program that received $660 billion in total funding. Center for Rural Affairs Policy Director Johnathan Hladik is pleased PPP is being extended and he encourages producers to apply as soon as possible.
He says those who have benefitted the most from the PPP are those that work the best with their local banks and lending institutions.
Congress is also expected to begin work soon on a new Coronavirus Assistance Relief program. Hladik says they need to get moving soon on that although there’s no guarantee about what funding may be available in that package.
The PPP funding comes in the form of federal loans that can be forgiven if businesses follow rules such as utilizing 60 percent of the loan for payroll costs. So far loans have gone out to 4 million businesses.
