WASHINGTON--More help to farmers, struggling to meet the payroll, Congress just passed a bill adding flexibility to the Paycheck Protection Program. Changes were passed by the House and Senate to the SBA’s PPP program and offer farmers and ranchers more flexibility.
The Farm Bureau’s Braden Jensen says the changes will help farmers use the program much easier.
"It was issued to help farmers in the area of a sole proprietorship, they're all self-employed, its how they can tap into this program and get some of those benefits," said Jensen.
Jensen says the legislation will extend the deadline to apply for PPP funds from June 30 to December 31, 2020. “Congress appropriated additional money so that money is still operational. It’s also important that any new loans that are made after this bill being signed into law, the amount of time you have to pay the loan back is extended from the previous two years to five years.,” said Jensen.
"Through the two rounds of PPP funding, Jensen says Congress has allocated roughly $670 billion for the program, with more than $120 billion still available. But all the money that's been administered out a small percentage, two percent has actually been approved for the agriculture industry, forestry, and some of the recreational industries as well. Hopefully, the flexibilities will increase the share of farmers and ranchers who are utilizing the program,” added Jensen
As Idaho Farmers move into the thick of the 2020 season, they’ll have help meeting the payroll.