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The Small Business Association Paycheck Protection Program (SBA PPP) re-opened on Monday, April 27 with an additional $310 billion in funding to prevent workers from losing their jobs and support small businesses that experienced disruptions due to COVID-19. Farm Credit was included as one of the approved lenders for the PPP in the CARES Act, though there was a multi-step process to get this program up and running for our members. The program originally opened on April 3 and provided an initial $350 billion.
Farm Credit of the Virginias has been approved to make SBA PPP loans. If you're interested in learning more about the program, we encourage you to review SBA PPP details and how it may help your operation in this time of uncertainty.
WHO IS ELIGIBLE FOR A PPP LOAN?
You are eligible for a PPP loan if you have 500 or fewer employees whose principal place of residence is in the United States, including nonprofits, veterans organization, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors, or are a business that operates in a certain industry and meet the applicable SBA employee-based size standards for that industry. In addition, your business must meet current Farm Credit eligibility requirements to obtain funding from a Farm Credit institution.
HOW DO I DETERMINE THE SIZE OF A LOAN I'M ELIGIBLE FOR?
WHO DO I CONTACT IF I'M INTERESTED IN APPLYING FOR AN SBA PPP LOAN THROUGH FARM CREDIT OF THE VIRGINIAS?
Contact your loan officer or call us at 1-800-991-FARM (3276) to indicate your interest.
FOR MORE INFORMATION
To learn more about the Paycheck Protection Program, please visit the Paycheck Protection Program section of the Small Business Administration website.
Credit subject to approval. Terms and conditions apply. This is not a commitment to lend. Program, rates, terms, and conditions are subject to change without notice. Subject to Small Business Administration (SBA) guidelines, approvals and guarantees. This document is intended to convey general information only and not to provide legal advice or opinions.