Agriculture Producers Eligible for Paycheck Protection Program
On April 2, the Department of Treasury (Treasury) and Small Business Administration (SBA) released an interim final rule on the Paycheck Protection Program (PPP) and agricultural producers are eligible to participate in the program.
“We’re happy that agricultural producers were included in this program and it’s important for producers who are interested in this loan to reach out to their bankers and/or agricultural lenders to apply immediately,” said Doug Miyamoto, Director of the Wyoming Department of Agriculture. “Loans will be provided on a first-come, first-served basis so we encourage producers who are interested get the application started now.”
According to the rule, all businesses are eligible for a PPP loan if they have fewer than 500 employees, meet the definition of a “small business concern,” and are subject to SBA’s affiliation rules. Financial institutions, including the Farm Credit system, will be responsible for processing loan applications and administering the loan.
Along with this, loan amounts are calculated based on the payroll costs for all employees whose “principal place of residence” is in the U.S. (this definition excludes H-2A workers). The loan has a maturity of two years and an interest rate of 1% with loan payments deferred for the first six months. If at least 75% of the funds are used for payroll costs, and the remainder is used for interest on mortgages, rent, and utilities, the loan will be fully forgiven. Forgiveness is based on the employer maintaining, or quickly rehiring employees and maintaining salary level and will be reduced if full-time headcount declines, or if salaries and wages decrease.
For more information or questions on the Paycheck Protection Program, contact the Lender Relations Specialist in the Wyoming SBA Field Office in Casper at 307-261-6500 (https://www.sba.gov/offices/district/wy/casper).
–Wyoming Dept, of Agriculture
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