House expected to pass PPP funding bill on Thursday
The House is expected to pass legislation Thursday to replenish the Paycheck Protection Program with another 320 billion dollars.
That program is available to farmers, but lenders warn that the funds won’t last long because of high demand.
The bill also includes a provision allowing farmers to participate in the SBA’s Economic Injury Disaster Loan program. Businesses experiencing a temporary loss of revenue can get a grant for 10-thousand dollars and borrow up to two million dollars under the EIDL program.
The initial 349 billion dollars in PPP funding ran out last week. Agri-Pulse, citing SBA data, reports only 4.4 billion of those funds went to businesses involved in agriculture, forestry and hunting and fishing.