PPP well running dry
The Trump Administration indicates the Paycheck Protection Program is about to run out of money.
Economic Advisor Larry Kudlow says the $349 billion in forgivable loans for farmers and small businesses could be gone by Thursday.
Howard Olson with AgCountry Farm Credit Services tells Brownfield signup got off to a slow start in rural America.
“For our farmers, I think there was a challenge initially finding a place for applications. The farm credits were not set up for it right away. It took us over a week before we were able to get set up, and we just started taking applications Tuesday.”
Nearly $250 billion had been used up by Sunday. Olson says Congress is considering an infusion of about that much.
“Where they can’t agree is (on) other things they want to tie into it. There’s some (lawmakers) that want to have more money for the hospitals and for testing. Others that think (they should) get this money out here for the PPP program. So that’s the debate going on in Washington right now.”
He says the Senate is expected to look at PPP when it meets Thursday.
Olson encourages farmers who have not enrolled in the program to contact their lender as soon as possible.