Small-Business Loans Program a Balm for Farmers – But Act Fast, NMPF’s Larson Says
April 24, 2020
Congress’s move to replenish two coronavirus-related assistance programs that are available to dairy businesses may help keep some dairies afloat – but application windows may close fast, said Claudia Larson, government relations director at the National Milk Producers Federation, in a new NMPF podcast.
Congress’s latest $484 billion coronavirus aid package replenishes two new small business loan programs that were overwhelmed by demand when first offered – the Paycheck Protection Program, which allows qualified banks to offer low-interest loans that can later be forgiven, and Economic Injury Disaster Loans, a parallel program operated by the Small Business Administration. Applications, which have been on hold for additional funding, will re-open soon. Dairies seeking assistance “should do it relatively quickly,” Larson says. “It’s been projected that these funds are going to run out within 36 hours after they’re released.”
To listen to the full podcast, which gives the ins and outs of the programs, click here. NMPF also has more information about them on its coronavirus webpage. You can also find the podcast on Apple Podcasts, Spotify, SoundCloud and Google Play. Broadcast outlets may use the MP3 file. Please attribute information to NMPF.
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