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Urgent: Tell Congress – Farmers need immediate help. Pass additional funding for the PPP...
Story Date: 4/21/2020
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Source:FARM CREDIT, 4/20/20
While the USDA works to roll out direct assistance to agricultural producers impacted by the COVID-19 pandemic, the Small Business Administration’s Paycheck Protection Program (PPP) has run OUT of funding before many ag producers could apply for assistance.
PPP provides forgivable loans to small businesses, including agricultural producers and cooperatives, with 500 or fewer employees. Funding for the program ran out before many producers and co-ops could get their loan applications processed. SBA projects that only about 1 percent of the loans approved in the program went to agricultural producers. American farmers, ranchers and agricultural businesses need Congress to act NOW to provide more funding for PPP loans.
Please send this letter to your members of Congress asking them to act now to replenish the PPP.
As we learn more about USDA’s direct assistance program, we may ask you to again reach out to your member of Congress to encourage additional support for farmers, ranchers and rural communities.
Visit https://farmcredit.com/takeaction or text CREDIT to 52886 to raise your voice.
Stay safe, and stay #FarmerStrong. Remeber: We're in this together.
Vance C. Dalton
Chief Executive Officer
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