MADISON – Following new guidance issued by the U.S. Department of Treasury and the Small Business Administration (SBA), the Wisconsin Department of Agriculture, Trade and Consumer Protection (DATCP) and the Wisconsin Economic Development Corporation (WEDC) are notifying the state’s farmers about the opportunity to apply for the federal Paycheck Protection Program (PPP).
“As Governor Tony Evers has identified, agriculture is absolutely essential to our state’s economy,” said DATCP Interim Secretary Randy Romanski. “There are many resources available to help support our farmers during this difficult time. Farmers who think they may be eligible should be aware of this opportunity and reach out to their lenders if they are interested.”
The PPP provides small businesses with loans to pay up to eight weeks of payroll costs, including benefits. The funding can also be used to pay interest on mortgages, rent, and utilities. Loans will be provided on a first-come, first-served basis. Agricultural producers are eligible and can get started on the application now.
“Farmers aren’t just farmers – they’re employers and entrepreneurs, too,” added WEDC Secretary and CEO Missy Hughes. “Many of our state’s rural communities depend on the economic activity generated by agricultural production. As they’re presented with challenges related to COVID-19, we want to make sure they know about the economic resources that are available to them.”
- For a top-line overview of the PPP program CLICK HERE
- Information for prospective borrowers can be found HERE
- The application for borrowers can be found HERE
For questions on the Paycheck Protection Program, applicants should contact the Lender Relations Specialist in their local SBA Field Office. The local SBA Field Office can be found at https://www.sba.gov/tools/local-assistance/districtoffices.