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USDA answers Payroll Protection Program questions
USDA has released information about the Small Business Administration’s $349 billion Paycheck Protection Program. Agricultural producers, farmers, ranchers, and small agricultural cooperatives with 500 or fewer employees are eligible for the program.
Farmers can also qualify for the program if they meet the SBA’s alternative size standard, with a maximum net worth less than $15 million and the average Federal income taxes for two years is less than $5 million.
Sole proprietor farmers, independent contractors, and other eligible self-employed farmers must provide documentation to its lender that the business was in operation as of February 15. Documents could include payroll processor records, payroll tax filings, or income and expenses from sole proprietorship.
Earlier this week, President Trump announced he is asking Congress to provide an additional $250 billion for PPP to keep Americans employed and facilitate a quick recovery.
