Paycheck Protection Program could be replenished this week
The Paycheck Protection Program could be replenished soon.
During an interview on CNN Sunday, Treasury Secretary Mnuchin said he expects Congress to reach an agreement this week.
The forgivable loan program administered by the Small Business Administration exhausted nearly $350 billion in less than two weeks.
Farmers are eligible, but Howard Olson with AgCountry Farm Credit Services says many were slow to sign up because they didn’t have employees on payroll.
“(a farmer might say) It’s just me, my wife and kids working on the farm, (so) what do we do? So SBA made it so that self-employed (people) can base it on their net income.”
For farmers, he tells Brownfield SBA looks at the Schedule F on their tax return.
“Look at the bottom line, net income, divide that by 12, and take that times two and-a-half so you get your two and-a-half months of basically net income. And that’s what (farmers) are eligible to receive as a loan.”
The measure Congress is considering this week includes at least $300 billion for the Paycheck Protection Program, as well as funding for hospitals and COVID-19 testing.