KANKAKEE COUNTY FARM BUREAU issued the following announcement on July 7.
A bill signed into law by President Donald Trump has extended the application period for the Paycheck Protection Program (PPP) through Aug. 8.
The extension provides additional time for farmers and ranchers to consult with their accountant, tax preparer or financial adviser about the PPP application and required documentation.
“IFB is pleased Congress and the administration continue to improve PPP,” said Adam Nielsen, Illinois Farm Bureau director of national legislation and policy development. “We’ll continue to work for additional improvements, such as automatic forgiveness for loans below a certain threshold.”
As of June 27, Illinois businesses had received 198,623 loans totaling more than $22 billion. This ranks Illinois fifth in net loan dollars received by all U.S. states and territories. The top four recipients include California, Texas, New York and Florida.
But thus far, the agriculture sector as a whole has not greatly benefited from PPP.
“According to the SBA (Small Business Administration) data, a meager 1.5% of approved funding has gone to the agriculture, forestry, fishing and hunting sectors combined,” explained R.J. Karney, director of congressional relations with the American Farm Bureau Federation. “AFBF is working with Congress and the administration on changes that will allow more farmers and ranchers to participate in the program, especially since $130 billion remains in the program.”
Under the previous law, June 30 was the last day for lenders to accept PPP applications.
The PPP borrower application form may be found here.
Original source can be found here.
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