Now says Paycheck Protection Program loans available to farmers 'regardless of revenue'
Farm Bureau has updated and significantly revised its Thursday analysis of the major Small Business Administration's Paycheck Protection Program Loans.
Yesterday morning, Farm Bureau posted an article, Farmers’ Use of Paycheck Protection Loan Depends on ‘Small Business’ Definition, questioning whether the Small Business Administration’s (SBA) industry-level standards pertaining to revenues would be enforced, ultimately excluding thousands of agricultural producers from getting Paycheck Protection Program Loans.
Yesterday evening, SBA released the Paycheck Protection Program interim final rule (IFR). “Based on our analysis of the IFR, we are pleased to confirm that the IFR removes the industry-specific revenue thresholds. Agriculture enterprises that [employ] 500 or less people whose [principal] place of residence is in the United States are eligible, regardless of revenue levels," Farm Bureau updated.
Link to Farm Bureau's updated analysis.