The recent CARES Act provided additional emergency funding through Small Business Administration (SBA) for businesses who are facing losses due to CORVID-19. If you are a farm business, the most important program to be aware of right now is the Paycheck Protection Loan Program, which was authorized in the CARES Act. Farms that meet SBA small business thresholds are eligible to apply for this low interest, forgivable loan program. The other important feature of the PPP is that the loans are first come first served, until funding is expended. If this program seems like it would be of assistance to you, do not delay but contact your bank as soon as possible to see if they are participating in this program. If they are not, Farm Credit is participating. Also, note that SBA’s definition of a small business and USDA’s definition of a small farm are NOT the same and you are held to the much more generous SBA standard (generally fewer than 500 employees) for this program.
Beef Cattle Management
Nancy Glazier – Small Farms/Livestock Specialist, Cornell Cooperative Extension, NWNY Team
