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Wisconsin Senator wants Farmers Eligible for SBA Grants, Forgivable Loans

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Wisconsin Senator Tammy Baldwin is calling on the administrator of the Small Business Administration to clarify that farms are eligible for both grants and loans. 

She wants to make sure farmers are eligible for the Economic Injury Disaster Loan Program, as well as guarantee they can get sufficient loans through the Paycheck Protection Program, which was created by the CARES Act. 

“The collapse in demand from the coronavirus pandemic has caught our farmers at a particularly challenging time because many have suffered for years from depressed prices and the uncertainty brought on by trade wars,” she says in the letter to SBA Administrator Jovita Carranza. 

“The SBA’s Paycheck Protection Program and the $10,000 advances from the expanded Economic Injury Disaster Loan Program could provide much-needed relief for farmers, provided that the programs are implemented with the unique needs of agricultural businesses in mind.” 

The letter comes after the SBA issued guidance saying that farms could apply for the Paycheck Protection Program, regardless of income levels. 

Baldwin wants the SBA to go further and clarify that farmers are both eligible for Economic Injury Disaster Loans and have the option to use alternative calculations other than revenue, such as net earnings, that might provide greater loan values for farmers who need the help.

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