NCBA Delivers "Paycheck Protection Program Increase Act" for Cattle Producers and Small Business
WASHINGTON (April 21, 2020) - National Cattlemen’s Beef Association Vice President, Government Affairs, Ethan Lane today issued the following statement in response to U.S. Senate passage of additional legislation, the Paycheck Protection Program Increase Act of 2020, to provide relief in the wake of the COVID-19 pandemic:
“We applaud the Senate for advancing this critical replenishment of funding to programs like Paycheck Protection Program (PPP), and we are pleased to see the reaffirmation of Congress’s intent that cattle producers be granted access to the Economic Injury Disaster Loan (EIDL) program administered by the Small Business Administration.
"We urge the House of Representatives to move swiftly to approve this package and deliver these funds to producers across the country who are continuing to keep grocery store shelves full during this economic disaster."
The U.S. Senate on Tuesday evening approved so-called "CARES 2.0" $484 billion emergency relief legislation by unanimous consent.
The measure would provide an additional $321 billion in funding for PPP. Of this amount, $60 billion is set aside for small lenders and community-based financial institutions who serve the needs of unbanked/underserved small businesses, specifically:
* $30 billion for loans made by Insured Depository Institutions and Credit Unions that have assets between $10 billion and $50 billion; and
* $30 billion for loans made by Community Financial Institutions, Small Insured Depository Institutions, and Credit Unions with assets less than $10 billion.
An additional $50 billion is provided for SBA’s Economic Injury Disaster Loan (EIDL) program – allowing for approximately $300 billion in new loans for small businesses – and $10 billion in funding for SBA’s Emergency Economic Injury Grant program.
Authorizing language was included to allow agricultural enterprises as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)) with not more than 500 employees to receive EIDL grants and loans.