Payroll Protection Program Funds Available to Farmers

Under the Paycheck Protection Program administered by the Small Business Administration, farmers with fewer than 500 employees and earning less than $1 million in annual revenues can receive federal emergency relief. Carolina Farm Stewardship Association (CFSA) explains that eligible operations, including farms, can receive an emergency loan equal to 2.5 times their average monthly payroll costs. Any loan proceeds used to cover payroll costs, mortgage interest, rent, and utilities during the eight-week period after the loan is made can be forgivable. A post from CSFA offers instructions on how to apply and details on how the program works.