The COVID 19 Pandemic has brought about the Paycheck Protection Program from the Small Business Administration and authorized by Congress. Because the rules seem to be changing constantly, the Nebraska Farmers Union has been helping some of their state’s producers apply and reapply for the aid. President John Hansen says just because a producers was turned down once for the aid, don’t give up, and it’s always positive to reapply.
Hansen says producers need to make sure they apply before March 31 as that’s the deadline for getting help. He says earlier requirements that made farmers ineligible for PPP was changed once they got engaged and weighed in on the problem.
Another eligibility problem that’s popped up is that SBA has determined that farmers in partnerships will not get the benefit of using gross income when approving for a PPP loan. Hansen says they’re expecting more tightening of PPP rules going forward.
Businesses including those in agriculture can apply for PPP loans if they have 500 or fewer employees. The first draw of a PPP loan can go as high as $10 million although the average loan size is $68,000.
