The U.S. Small Business Administration will resume accepting loan applications for the Paycheck Protection Program beginning today, April 27, at 10:30 a.m. EDT from approved lenders on behalf of any eligible borrower. Dairy farmers are eligible to apply for the PPP, along with a separate initiative, Economic Injury Disaster Loans, for which the application window is also imminent. Both initiatives are first-come, first-served, and funds are expected to be depleted quickly after Congress replenished them last week.
The National Milk Producers Federation is offering the materials below to aid farmers with their applications. All are available on the organization’s coronavirus page, www.nmpf.org/coronavirus. Note that PPP applications must be filed with a lending institution, such as a bank or credit union, while EIDL applications may be filed directly through the U.S. Small Business Administration website.
Paycheck Protection Program (PPP)
· Paycheck Protection Program – Overview, NMPF
· Paycheck Protection Program Webpage, Small Business Administration
· Paycheck Protection Program Eligible Lenders, Small Business Administration
COVID-19 Economic Injury Disaster Loan (EIDL) Program
· EIDL Information, Small Business Administration
· COVID-19 Economic Injury Disaster Loans – Overview, NMPF
· SBA Disaster Assistance in Response to the Coronavirus, Small Business Administration
ADDITIONAL RESOURCES
· PPP and EIDL information provided by U.S. Treasury Department
· Podcast: Small-Business Loans Program a Balm for Farmers – But Act Fast, NMPF’s Larson Says
· Webinar: CARES Act and SBA Loan Update Webinar
· NMPF Commends Progress Towards SBA Programs Better Assisting Farmers
The National Milk Producers Federation, based in Arlington, VA, develops and carries out policies that advance dairy producers and the cooperatives they own. NMPF’s member cooperatives produce more than two-thirds of U.S. milk, making NMPF dairy’s voice on Capitol Hill and with government agencies. For more, visit www.nmpf.org.
