The deadline for submitting your PPP (Paycheck Protection Program) loan application was supposed to be March 31. But, on the heels of the $1.9 trillion American Rescue Act of 2021, the House passed the PPP Extension Act of 2021 on March 16th and it is expected to also pass in the Senate. COVID relief is coming on strong!
Businesses with less than 20 employees have priority this time around with a fast-tracked 14 day application period. The idea behind this is that it would ensure that women and minority-owned businesses, which tend to have fewer employees, got the lion’s share of the funding, having missed out in prior rounds.
So, if your farm could benefit from a PPP loan (which will likely be forgiven), you may not have to scramble as much as you thought, but best to get your ducks in a row and get your application in sooner rather than later. See CNBC article for more information.