Bipartisan Deal Revives Forgivable Loans, OKs Farms for SBA Disaster Program
By Phillip Brasher
AgriPulse
The Senate approved a bipartisan agreement Tuesday to infuse the highly popular Paycheck Protection Program with an additional $320 billion while also making farms eligible for a separate disaster loan program for small businesses.
The House will consider the bill on Thursday.
The PPP, which was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act enacted in March, offers forgivable loans for businesses, including farms, that use most of the money to retain or rehire workers. The initial $349 billion in funding ran out last week; $4.4 billion of that went to businesses involved in agriculture, forestry and hunting and fishing, according to Small Business Administration data.