Paycheck Protection Program Information

— Written By

seedlings in a field

The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone.

Agricultural producers are eligible to participate in this program and should reach out to their bankers and/or agricultural lenders to apply immediately.

The loan amounts will be forgiven as long as:

  • The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and
  • Employee and compensation levels are maintained.

Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to the likely high number of applications, it is anticipated that not more than 25% of the forgiven amount may be applied to the non-payroll costs.

Loan payments will be deferred for 6 months.

More Information

Written By

Dylan Lilley, N.C. Cooperative ExtensionDylan LilleyExtension Agent, Agriculture - Field Crops Call Dylan E-mail Dylan N.C. Cooperative Extension, Perquimans County Center
Updated on Apr 17, 2020
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