PPP aid for farms still available

Farmers and other rural business owners weathered the coronavirus shutdown that started in March in part because of the Paycheck Protection Program passed by Congress. After Congress voted to ease requirements and extend the period of loan forgiveness last week, more businesses that have sat on the sidelines may yet apply for a loan.

Lenders such as First Midwest Bank, headquartered in Chicago, say applicants are still trickling in, but in lower numbers.

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Becky King, head of agriculture at First Midwest Bank, says they’re walking their clients through filling out forms with the Small Business Administration to forgive loans that have run their course. Initially, PPP loans were supposed to be used within two months, but they now can be stretched across six months. SBA will forgive the loan so long as the employer meets requirements such as rehiring their workers by June 30 and spending at least 60% of the funds on wages.

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