Agriculture enterprises that employ 500 or fewer people are eligible for Paycheck Protection Program loans. These are the small business loans from the latest coronavirus economic stimulus package. In the past, the Small Business Administration hasn’t considered farms as qualified businesses, but this changed with the latest stimulus package. “There’s no revenue limitations for a farmer and also, this program can give farmers enough money to pay payroll for a two month period,” explains Mark Giddings, CEO, Giddings and Associates. “It has to be spent within eight weeks after it’s funded, with 75 percent on payroll and 25 percent for other costs.” The application process is open for small businesses, sole proprietorships and self-employed individuals. Loans are funded by the bank where a farmer applies. Giddings says the government authorized all financial institutions and all farm credit organizations to originate the loans. However, some of the institutions are struggling getting into the SBA system. They may not be able to get a loan processed quickly. Program funds will be allocated to small businesses on a first come, first served basis. Download the sample application and hear the interview.
