What to Know About the CARES Act and SBA Loans

Given the extraordinary financial stresses affecting food producers, many farmers and are hoping that the Small Business Administration’s (SBA) new loan program, created as part of the CARES stimulus package, may help them keep their businesses in operation. The implementation of the new Paycheck Protection Program has generated many questions, many of which we hope to have answered here. 

View USDA's FAQ Resource Page and click on Paycheck Protection Program for frequently asked questions regarding this part of the CARES Act. 

On Monday, May 4, SBA opened the Economic Injury Disaster Loan (EIDL) application process up to allow agricultural businesses to apply. The loan advance available thorugh EIDL will provide up to $10,000 of economic relief to businesses that are currently experiencing challenges. Applicants may want to reference Schedule C or Schedule F while completing the online application, which is not completed by a finanical lender or institution, the applicant themself or someone assisting them. 

You can find the EIDL application here. 

Paycheck Protection Program
A virtual town hall was held thanks to the National Milk Producers Federation, who teamed up with K·Coe Isom to share the latest on the CARES Act and its SBA loans. Their presenters Kala Jenkins and Brian Kuehl offer insights about how the PPP and the Economic Injury Disaster Loan (EIDL) programs may be used, and provided some important considerations for the benefit of dairy businesses. K·Coe Isom offers more COVID-19 information here.
To listen to the virtual town hall session, click here. To view the slides presented during this session, click here

For a general overview of the Paycheck Protection Program, click here

PPP Loans Update: Ag Businesses Can Apply - Click to Read More
Paycheck Protection Program (PPP): Considerations When Applying - Click to Read More

FarmFirst Dairy Cooperative works to provide valuable resources to its members and other partners across the industry. Information available here will be updated as much as possible. Information here is not considered professional advice given by FarmFirst Dairy Cooperative.