This post has been updated to reflect that President Joe Biden has signed the legislation into law.
Farms and other small businesses affected by the continued economic effects of the COVID-19 pandemic will have an additional two months to apply for relief loans through the U.S. Small Business Administration’s Paycheck Protection Program.
Congress passed legislation this week extending until May 31 the window to apply for the program, which had been set to close at the end of the month. President Joe Biden has signed the measure into law.
The program offers forgivable loans to small business, including farms, that have been affected by the COVID-19 pandemic so they can continue to pay employees and cover certain other expenses. Participants can apply for the loans through eligible lenders.
Farm Bureau supported extending the deadline to apply and continues to advocate for additional improvements to make it easier for farmers to access the program. Several changes have been made to expand farmer eligibility since the program was first introduced in spring 2020, including a recent change to allow using the gross receipts test to determine eligibility for single-member limited liability corporations and qualified joint ventures. The deadline extension will give newly eligible farms and businesses more time to apply.