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. While deadline has been extended by Congress, Farm Credit of Western Arkansas is no longer accepting applications.
USDA Coronavirus Food Assistance Program (CFAP)
$16 billion in 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.
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.