On July 1, 2020, the U.S. House of Representatives passed a bill to extend the application period for the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) until August 8, 2020. The Senate had passed the bill the day before leaving the final step of it going to the President for his signature.
Once the bill is signed into law, small businesses, including agricultural producers, will be allowed additional time to consult with their accountant, tax preparer, and financial advisor about the PPP application. This extra time will help small businesses ensure they have all the proper documentation and allow it to be fully completed and reviewed before submission.
June 30, 2020 was the last day for lenders to accept applications for PPP under the current law. However, this legislation extended that deadline to allow more producers to benefit from the PPP. The SBA reports that $134 billion remains unexpended in the program.
Please reach out to your bank or lender to start the process of receiving benefits from this program. If there are additional questions you can also reach out to the Arizona Farm Bureau government relations department or visit the website at: azfb.org.
Don't forget: the deadline for the USDA's Coronavirus Food Assistance Program (CFAP) is August 30. Producers of covered commodities can apply for CFAP through their local FSA service centers.