USDA Releases Assistance Guidance for Oklahoma’s Ag Producers Applying for the Paycheck Protection Program
Washington, D.C. – Congressman Frank Lucas (OK-03) released the following statement after the United States Department of Agriculture (USDA) provided a FAQ regarding the eligibility for America’s agriculture producers, farmers, ranchers, and agriculture cooperatives in the U.S. Small Business Administration’s Paycheck Protection Program:
“I’m happy to see the Small Business Administration, in coordination with USDA, release the clarification of the ability for our nation’s farmers and ranchers, agribusinesses, and ag co-ops to apply for the Paycheck Protection Program and the Economic Injury Disaster Loan. Agriculture cooperatives play a vital role in helping farmers and ranchers withstand the volatility of the marketplace. During these uncertain times, these important tools will be helpful for producers to utilize.”
On March 27th, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act to respond to the spread of COVID-19 and to deliver critical economic relief to individuals, families, and workers. Included in the CARES Act was a provision creating the Paycheck Protection Program administered by the U.S. Small Business Administration (SBA). The Program was appropriated $350 billion and is meant to support small businesses and their payroll during the coronavirus pandemic.
In coordination with the SBA, USDA has posted an SBA Paycheck Protection Program Frequently Asked Questions resource for farmers and ranchers.
The FAQs can be found here or online at usda.gov/coronavirus.