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Paycheck Protection Program running out of money

Lawmakers are considering another cash infusion to replenish rapidly depleting funds in the Paycheck Protection Program.

Senate Majority leader Mitch McConnell says Republicans and Democrats are wrestling over another $250 billion after PPP burned through roughly half its initial funding just in its first week.

House Speaker Nancy Pelosi argues Congress needs to also put money in other Small Business Administration loan programs to help during the COVID-19 pandemic.

Most farmers are eligible for PPP payments.  Kent Thiesse, an ag lender with MinnStar Bank in southern Minnesota, tells Brownfield producers need to make sure the application is correct.

“Otherwise if they kick it back later, then you will go to the back of the line. I’m guessing they will come up with the money that’s needed to fund this program.”

Farmers, ranchers, and agricultural cooperatives with 500 or fewer employees are eligible for PPP.

Farmers can also qualify for the program if they meet the SBA’s alternative size standard, with a maximum net worth less than $15 million and if average Federal income taxes for two years are less than $5 million.