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).
The agriculture industry has adapted with tremendous speed to ensure the food supply chain remains strong during this unprecedented time. Farmers, ranchers, producers and processors are focused on keeping operations safe and viable, while trying to address challenges like making payroll and improving cashflow.
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 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.