SBA Loan Programs
$349 billion of the recently passed Federal CARES Act created the Paycheck Protection Program (PPP). PPP provides forgivable loans for ANY small businesses (defined as less than 500 employees) designed to keep their workers on payroll. After much uncertainty, it was determined that farmers are eligible for this program regardless of farm size. Additionally, cooperatives, select non-profits, self-employed individuals and startups may qualify. Applications can be made via your local bank, Farm Credit, or credit union. It is strongly recommended that you consult with your financial advisor to ensure you have the proper documentation and understand the implications.
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An overview of the program can be found here.
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Guidance for lenders can be found here.
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Guidance for borrowers can be found here.
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A recording of the webinar held by our colleagues at Kansas Corn to help farmers navigate these programs is available here.
