SBA: Paycheck Protection Program
The Small Business Administration (SBA) Paycheck Protection Program (PPP) is part of the CARES act, the $2 trillion federal coronavirus response package. PPP loans are designed to provide a direct incentive for small businesses to maintain employment for their employees during these unprecedented times. Previously approved SBA lenders could start submitting applications beginning April 3. Loan applications are being accepted through June 30 and funds will be provided on a first-come, first-serve basis.
Although the Farm Credit System was included in this legislation as an eligible participating lender, many individual Farm Credit Associations were not actively registered and involved in SBA lending. Farm Credit of Northwest Florida typically works with USDA/FSA on loan guarantees due to our members' involvement in agriculture. As you can imagine, the work to implement legislation of this magnitude on a historically short timeline has been challenging not only for SBA, but also for many commercial banks, credit unions and Farm Credit system Associations called upon to distribute these funds through guaranteed loans. Farm Credit of Northwest Florida is working diligently to finalize our enrollment as a lender with SBA so we can help you with your SBA PPP loan applications. Our application to the SBA has been submitted and we are awaiting word from them when we may begin receiving and processing PPP loan applications.
If you have any concerns about funds availability, please feel free to pursue your application with another already established SBA lender. The Association will notify our current members once applications can be accepted.