A $2 trillion COVID stimulus package is now law—and it includes targeted relief for small businesses, and specific mention of relief for “specialty crops” in agriculture. SAF has been on the front lines on the Hill and with the USDA to advocate that SAF members in all industry segments can access the aid they need.
So far, there have been two small business loan programs created as a result of the COVID-19 Pandemic.
The first program was created through the passage of COVID legislation last week (COVID-I). That bill created a $1 billion fund to immediately assist small businesses hit hard by the current economic shutdown. Unlike traditional Small Business Administration (SBA) funding mechanisms, this program is being administered directly by the SBA and is currently accepting applications.
The second program was created through the passage of the COVID stimulus package. That bill created the Paycheck Protection Program and the Economic Injury Disaster Loan (EIDL) program. These programs will be administered more like traditional SBA programs, i.e. through third party, 7(a) lenders. The Paycheck Protection Program is intended to keep workers on small business payrolls through offering forgivable loans. The EIDL grant program offers small businesses a one-time $10,000 grant to cover costs in the short term.
Businesses can accept funds from both programs, but they must demonstrate the funds are being used for different purposes.
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