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More details on the Paycheck Protection Program
President Trump has signed the Senate- and House- passed relief bill that includes more funding for the Paycheck Protection Program.
Kala Jenkins with consulting firm K-Coe Isom, breaks down the additional funding for the program, which is available for farmers.
“310 billion is set aside for an additional PPP funding, $250 billion of that is unrestricted, and $60 billion is set aside for smaller institutions,” she says.
Of the $60 million set aside for small institutions, she says $30 billion is for lenders with assets less than $10 billion, and the $30 billion for lenders with assets between $10 and $50 billion.
Jenkins says several farmers applied for the program but didn’t get assistance before it ran out of money.
“So, what I would recommend is having a great conversation with your lender to ask if they put the application into an internal queue or ask if you need to resubmit documentation,” she says. “The Small Business Administration did not hold a queue for individual who did not get funded, so it was left up to the lender to do a queue if they wanted to.”
She says farmers should contact lenders as soon as possible to make sure they’re ready to go when the program opens back up.
Jenkins made the comments during a Payroll Protection Program Webinar by the Indiana Soybean Alliance and Indiana Corn Marketing Council today.
