Source: POLITICO'S MORNING AGRICULTURE, 4/16/20

The Small Business Administration has been slow to approve many agricultural banks under the new Paycheck Protection Program, which has already been overwhelmed with applications, reports Pro Ag's Ryan McCrimmon. The program is expected to run out of its initial tranche of $350 billion as soon as this week.

"There's a lot of farmers out there trying to line up for this [funding], and by the time they get there, the money's going to be gone," said Todd Van Hoose, president of the Farm Credit Council, which represents lenders in the nationwide Farm Credit System.

While the PPP loans weren't designed with agriculture in mind, they could be especially valuable for hard-hit segments that tend to have larger workforces like dairy farmers and specialty crop growers. Van Hoose said farm creditors have "virtually no experience" working with the SBA, so navigating the agency's approval process for lenders has been "a heck of a task."

Restaurant chains get their money: The money from SBA may not be flowing readily to everyone, but larger restaurant chains have been able to access loans so far, reports POLITICO's Zachary Warmbrodt. Potbelly Corp. and Ruth's Hospitality Group, which runs a chain of steakhouses, are among the companies that have disclosed receiving the government-backed loans. When Congress created the PPP, it targeted the loans at businesses with fewer than 500 employees because they are particularly vulnerable to economic slumps. But lawmakers also gave flexibility for larger restaurant and hotel operators to apply.