President Trump signs legislation to extend the application deadline for the Paycheck Protection Program. Companies now have until August 8th to apply.
The original deadline was last Tuesday, but around $130 billion dollars is still available. As we have previously reported, these loans are administered by the Small Business Administration and can be forgiven if certain stipulations are met. You can contact your financial institution for more information.
American Farm Bureau’s Director of Congressional Relations, R. J. Karney says that interested producers need to take advantage of this extra time to get the paperwork done. Karney states, “This extension allows farmers and ranchers additional time to consult with their accountants, tax preparers, and financial advisers about the PPP application, to ensure all the proper documentation has been completed and reviewed before meeting with their lenders.”
AFBF is working with Congress and the administration on changes that will allow more farmers and ranchers to participate in the program.