Congress extends deadline for PPP applications
Congress recently approved Farm Bureau-backed legislation extending the paycheck protection program application deadline by two months from March 31 to May 31, helping more farmers and ranchers participate in the program. loan, according to the American Farm Bureau Federation.
“The current deadline of March 31 does not allow sufficient time for newly eligible farmers and ranchers to apply, nor does it adequately take into account the eight week waiting period between approval of the first draw and applications from the second draw, ”AFBF President Zippy Duvall said in a statement. letter to House and Senate Small Business Committee leaders supporting the PPP Extension Act of 2021 (HR 1799). Sponsors of the measures – there were two bills, a House version and a Senate version – were also included in the letter.
P3 is a Small Business Administration low-interest loan program that helps small businesses keep employees on their payroll. The SBA waives loans if employee retention criteria are met and funds are used for qualifying expenses.
The Consolidated Appropriations Act of 2021, passed in December, provided additional funding for the program, allowed a second loan, and extended eligibility to independent farmers and ranchers who file a Schedule F. More recently, farm eligibility and ranching has been extended to sole member LLC and qualified joint ventures.