5/9/20 Updates on SBA Resources

There’s a lot of information (and a lot of MISSING information) regarding stimulus funds currently. Here are a few new pieces of info to know:

+According to the SBA, lenders supporting PPP loans “must make the first disbursement of the loan no later than 10 calendar days after the loan is approved.” Read more

+The Treasury is expected to start dispersing stimulus checks by April 10 Read more

+The government is releasing informing guidelines on many of the SBA resources on what seems like a rolling basis. Although the good news is that “EIDL Loan advances will start to be distributed this week,” the SBA has released at least in some places that the advances are for “$1000 per employee up to $10,000 max.” This is different than what was previously said.

+Farmers do qualify for PPP loans, but as of today, they do not qualify for EIDL loans. We are advocating for farmers to qualify for EIDL loans and for specialty crop support in the USDA earmarked stimulus funds of the CARES ACt. To learn more about what resources are available to farm-based businesses, check out our webinar with Penn State Extension on Monday, April 13.

+Congress is struggling to find a path forward for a bipartisan proposal that would expand the Paycheck Protection Program (PPP). It is recognized by both parties that expanding the program is necessary.