Farms.com Home   Ag Industry News

Farmers eligible for Paycheck Protection Program

Farmers eligible for Paycheck Protection Program

The program helps employers pay workers, rent, etc.

By Diego Flammini
Staff Writer
Farms.com

U.S. producers can receive loans from the Small Business Administration to help their businesses get through the COVID-19 pandemic.

Farmers are eligible for the Paycheck Protection Program, which provides federal loans of up to US$10 million to help small businesses with 500 or fewer employees retain and pay workers.

The funding will help pay up to eight weeks of payroll costs including benefits, and operating expenses like rent and utility payments.

Until the Trump administration passed its CARES Act, the US$2-trillion stimulus package to help the American economy overcome the effects of the coronavirus, farmers were excluded from the paycheck program.

The total amount of the CARES Act set aside for the paycheck program is about US$349 billion.

Now that farmers are eligible for the program, industry officials are encouraging producers to sign up for it.

“There are many resources available to help support our farmers during this difficult time,” said Randy Romanski, Wisconsin’s interim ag secretary, the Wisconsin State Farmer reported. “Farmers who think they may be eligible should be aware of this opportunity and reach out to their lenders if they are interested.”

The program will be administered on a first come, first served basis.

Farmers and other small business owners can apply until June 30.

Farms.com has reached out to ag economists and individual farmers for comment on the program.


Trending Video

Funds Ditch Ag Commodities, Chase Stocks Amid an End to Middle East War, & Trade Deal Buzz

Video: Funds Ditch Ag Commodities, Chase Stocks Amid an End to Middle East War, & Trade Deal Buzz


The 12-day war between Iran-Israel came to an end sending crude oil futures plunging as the big fund speculators removed the war risk premium.

The weather risk premium in the Ag complex is sending corn, wheat and soybean futures lower on month-end selling ahead of the market moving USDA quarterly grain stocks and acreage reports on June 30th.

Instead, funds were chasing and sending tech stocks higher with the S&P 500/NASDAQ indexes setting new all-time record highs!

June 1 USDA Hogs and pigs report was slightly bearish while the U.S. $ Index traded to new contract lows as the de-dollarization that began in 2014 continues.

Feed in the form of soybean meal futures for livestock producers got cheaper, trading to new contract lows.

The Stats Canada seeded acreage update was bullish canola and wheat.