Farmers and agribusinesses are facing unprecedented economic disruption due to the Coronavirus (COVID-19) outbreak. The Department of Treasury and Small Business Administration (SBA) released an interim final rule on the Paycheck Protection Program (PPP).
Farms and agribusinesses are eligible for Paycheck Protection Program (PPP) loans as long as they have fewer than 500 employees and meet the definition of a “small business.” Financial institutions, including the Farm Credit system, will be responsible for processing loan applications and administering the loan. Loans are subject to SBA’s aff...