Update: Paycheck Protection Loans Available to Farmers – Apply Now
The Small Business Administration system has been overwhelmed. Farm Credit is not ready to accept applications.
Since it is anticipated that the funding will be limited, farmers needing funds immediately are encouraged to go to the bank where they have a depository relationship.
Funds from this program will be allocated to small businesses on a first-come, first-served basis. It is recommended to reach out to an approved lender as soon as possible.
Farmers can apply for the PPP through any existing SBA 7(a) lenders or through any federally insured depository institution, federally insured credit union or Farm Credit System institution that is participating. Current eligible lenders can be found by searching the SBA website.
All federally insured depository institutions, federally insured credit unions and Farm Credit System institutions that are not existing SBA lenders can begin making loans once they are approved and enrolled in the SBA program.
More information is forthcoming.