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3115 West 2nd Ct Russellville, AR 72801   Call 479-968-1434
COVID-19 Resources & Economic Programs for Producers
January, 2021Paycheck Protection Program (PPP) We continue to monitor this program and are committed to assisting members affected by COVID-19.  Please contact your loan officer and/or local branch staff with questions.   Loan forgiveness information is available, and should be applied for, through the Small Business Administration. More info at: SBA Procedural Notice: Procedures for Lender Submission of Paycheck Protection Program Loan Forgiveness Decisions to SBA and SBA Forgiveness Loan Reviews

Where can I learn more?


NEW! ATTENTION CONTRACT POULTRY OPERATORS:  CFAP now available to you!

 

USDA Coronavirus Food Assistance Program (CFAP) 

Federal support is available to producers who've experienced losses due to the COVID-19 pandemic. Funding has been approved, and applications are currently being accepted. The USDA encourages producers to learn more now and prepare to apply directly through the Farm Service Agency.  

https://www.farmers.gov/cfap

The informational site includes a recorded webinar and helpful questions and answers. Watch the CFAP site for application dates and deadlines. 


Economic Injury Disaster Loans (EIDL)

IN ADDITION TO THE PPP loan program, the SBA announced that farmers, ranchers and ag businesses qualify for Economic Injury Disaster Loans. The application portal opened in early May. Apply directly with SBA for these loans.  

https://www.sba.gov/funding-programs/disaster-assistance


2020 PPP Loan Timeline:


March 27, 2020

The PPP was enacted by Congress as part of the $2-trillon-dollar CARES Act as an economic rescue package in response to the Covid-19 crisis. 

$349 billion was initially appropriated, to be administered by the Small Business Administration (SBA) through local, approved lenders. 

March 28, 2020

Farm Credit was named as an approved lender for the PPP loan program.

Farm Credit of Western Arkansas immediately began working with the SBA to be set up as a lender on the SBA portal. In spite of being in constant contact with SBA, Farm Credit had no control over the timing of the approval process.

April 11, 2020

Farm Credit of Western Arkansas received SBA credentials as a lender and continued to wait for formal SBA site access.

April 14, 2020

Farm Credit of Western Arkansas received complete access to the SBA site and began processing customer PPP loan requests. At this time, we are able to assist existing members only

April 16, 2020

The initial $349 billion in PPP funds were exhausted. 

April 16 - present

Farm Credit continues to identify the best ways to assist members with securing PPP loans. PPP loan requests are being accepted in the event Congress makes additional funds available. 

April 27 – until PPP funds are exhausted 

Farm Credit will process PPP loan requests as soon as the SBA PPP loan site is available at 10:30 AM (Eastern time), until the second appropriation of $250 billion is exhausted.

May 4 – Addition of EIDL program

The SBA announced that farmers, ranchers and ag businesses qualify for EIDL loans, apply directly via SBA's website. https://www.sba.gov/funding-programs/disaster-assistance 

May 13, 2020

Publicized the USDA's webinar on the Cononavirus Food Assistance Program (CFAP) via social media and posted links to this site on May 14. 

June 22, 2020

Provided an update regarding remaining PPP funds and shared application deadline of June 30, 2020.  

July 1, 2020

Initial application deadline expired.  

Fall, 2020 

Additional PPP funds available, Farm Credit assisted members as requested.  

January, 2021 

Additional PPP program information available from the SBA.  Members should contact their loan officer if questions.