Paycheck Protection Program (PPP) Updates'.
The Paycheck Protection Program (PPP) has reopened the application period until August 8, 2020. The PPP
original application period closed on June 30, 2020.
As a recap, PPP is a program administered by the U.S. Small Business Administration (SBA) with applications
being processed through an SBA-approved lending institution. While PPP is a loan, an important point to note is
that the loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities
(at least 60% of the forgiven amount must have been used for payroll). Forgiveness is based on the employer
maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time
headcount declines, or if salaries and wages decrease. The period used to cover eligible costs and expenses has also
increased from 8 weeks to 24 weeks from loan disbursement, making it easier for PPP recipients to meet the 60%
payroll requirement. Special consideration under PPP is provided for seasonal businesses such as farming
More detailed information, including a list of SBA-approved lending institutions that process PPP applications can
be found HERE
PPP is a program you should definitely look into if you employ agricultural workers on your farming