On Thursday, Congress passed legislation that creates a new round of loan funding for the Small Business Administration. The new round of funding for the Paycheck Protection Act and the economic stimulus directly addresses many farmers and their eligibility for Small Business Administration funding at SBA.gov. The statement from Illinois Farm Bureau spokesman Mark Gebhards reads:
“Illinois Farm Bureau welcomes the swift action by the House and Senate to pass additional funding for the Paycheck Protection Program (PPP) and Health Care Enhancement Act. This significant package of $484 billion will help Illinois farmers and small businesses stay on their feet as they face increasingly dire economic challenges.
“The passage of H.R. 266 further defines farmer eligibility for the Small Business Administration Economic Injury Disaster Loan (EIDL) program, provides additional funding for the Paycheck Protection Program and includes necessary funding for hospitals and rural health clinics.
“We urge our members to visit the SBA website, dependent upon their particular situation, to fill out an EIDL application for assistance because this additional funding will be available on a first-come-first-serve basis and will be distributed quickly.”