With the enactment of the Paycheck Protection Program and Health Care Enhancement Act (CARES Act 2.0), agricultural businesses and farmers previously excluded from the Small Business Administration’s (SBA) Economic Injury Disaster Loan (EIDL) program are now eligible for EIDL grants and loans. Additionally, the U.S. Department of Agriculture’s newly announced Coronavirus Food Assistance Program (CFAP) offers aid to farms and certain livestock producers through direct payments and bulk purchases.
To read the full text of this Alert, which provides a brief overview of these new aid programs for the agricultural industry, please visit the firm website.
On April 23, 2020, the United States House of Representatives passed the Paycheck Protection Program and Health Care Enhancement Act (CARES Act 2.0), which, among other provisions, replenishes the funding for the Payment Protection Program (PPP) established by the Coronavirus Aid, Relief and Economic Recovery Act (CARES Act). The United States Senate previously passed CARES Act 2.0, and the bill is expected to be signed into law by the president shortly.
In addition, the Treasury Department released further guidance on the eligibility of companies for access to other funding sources with respect to PPP loans and clarified the need for borrowers to review the certifications in the PPP loan application.
To read the full text of this Alert, which summarizes certain key aspects of CARES Act 2.0 and related guidance, please visit the firm website.