The Small Business Administration (SBA), in consultation with the Department of the Treasury,
intends to provide timely additional guidance to address borrower and lender questions
concerning the implementation of the Paycheck Protection Program (PPP), established by section
1102 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act). This
document will be updated on a regular basis….

As with many other national emergencies, the American farmer has continued to work day in and day out to provide the world with the food we need to thrive. Congress recently passed several phases of relief so that businesses, including agriculture companies can receive some much needed support during these trying times.

Learn more here: CARES Act for Agriculture

How the Agriculture Industry Can Benefit from the CARES Act

By Mike Johanns

There’s no denying that our country is facing troubling times.

And as with many other national emergencies, the American farmer has continued to work day in and day out to provide the world with the food we need to thrive.

That responsibility is a heavy burden for farms across the U.S., which like any other business in the country is hurting.

Congress recently passed several phases of relief so that individuals and businesses alike can receive some much needed support during these trying times.

The CARES Act, for instance, was the premier piece of legislation that Congress passed in terms of coronavirus aid. The historic bill offered $2.2 trillion in assistance, including $349 billion in loan commitments as part of the Paycheck Protection Loan Program (PPP).

That $349 billion was exhausted within the first two weeks of the program, however Congress just allocated an additional $320 billion for the program that is now available for companies across the country.

To be clear, this includes agricultural producers, farmers and ranchers, who should strongly consider applying for the program as a way to see their way through this pandemic.

These loans (which will have an interest rate of no more than 4 percent) are for companies that have 500 employers or less, and are limited to either $10 million or 2.5 times the average monthly payroll, whichever is less.

What those in the agriculture industry also need to know is that cooperatives are also eligible to receive PPP loans as long as other PPP eligibility requirements are met.

These loans can be used to cover payroll along with other business expenses, and can be a tool for those in the agriculture industry to use to push back against this unrelenting pandemic.

The American farmer has always been integral to the success of our country and its economy. During these unprecedented times it’s crucial that all options are considered in order to see things through to the other side.

For more information on the PPP visit the Small Business Administration’s website here.

Congress recently passed the CARES Act, which was immediately signed into law on March 27.
The economic stimulus bill consists of a historic $2 trillion meant to help taxpayers, including individuals and businesses alike, weather the storm wrought by COVID-19.

Learn more here: CARES Act for Businesses

As part of the federal government’s efforts to resolve the liquidity crisis small and medium sized businesses are facing, federal tax filing and payment deadlines have been extended.

Learn more here: New Tax Deadlines

Who is eligible for unemployment insurance? The Unemployment Compensation program (UC, usually referred to as Unemployment Insurance, or UI) makes insurance payments to workers who become involuntarily unemployed for economic reasons and meet state-established eligibility rules. The program generally does not provide insurance payments to the self-employed, those who are unable to work, or those who do not have a recent earnings history… finance.senate.gov

Following President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin today announced that the SBA and Treasury Department have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need. home.treasury.gov

Senator Chuck Grassley has posted an FAQ to answer some commonly asked questions about the CARES Act’s Employee Retention Credit on his blog on Medium