Wisconsin seems to be doing well in regards to accessing funds available through the U.S. Small Business Administration. Rob Scott, Regional Administrator for Region V – which includes Wisconsin – has processed more than 78,000 applications for the Paycheck Protection Program(PPP) to the tune of $10.1 billion. Likewise they’re processing more requests for the Economic Injury Disaster Loans (EIDL). Scott was a guest on the Midwest Farm Report show.
Scott says funds are still available as a result of new legislation signed into law providing additional funding for farmers and ranchers and certain other agricultural businesses affected by the Coronavirus (COVID-19) pandemic.
Agricultural businesses include businesses engaged in the legal production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)). Eligible agricultural businesses must have 500 or fewer employees.
Scott says the SBA is giving a priority to agricultural businesses. For agricultural businesses that submitted an EIDL loan application through the streamlined application portal prior to the legislative change, SBA will move forward and process these applications without the need for re-applying. All other EIDL loan applications that were submitted before the portal stopped accepting new applications on April 15 will be processed on a first-in, first-out basis.
For more information, please visit: www.sba.gov/Disaster.
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