SBA Grants/Loans

[DrTimPerkins]

Maple Community

There is a lot of info flowing on SBA emergency grants/loan/forgivable loan programs. Updated links and factsheets are on Farm Via Blog here. http://blog.uvm.edu/farmvia/

The take homes from 4/1/20:
• “Farms” and all other businesses are eligible for SBA Payment Protection Program (PPP)
• PPP is up to $100k for payroll and includes loan forgiveness options as long as money is used to maintain payroll and other eligible expenses. See factsheet on Farm Via blog
• Economic Injury Disaster Loan (EIDL): “Farms” are not eligible right now. However, maple syrup producers may qualify as a “food processor”. Contact SBA to clarify. All communications indicate the first $10k is a forgivable grant with no payback requirement, more info on blog. Larger loans can also be applied for.
• People indicate they think the first wave of federal funds may be exhausted in next few days, business owners should move fast to determine if these are good for them and apply soon.
-Mark


Mark Cannella
Extension Associate Professor
University of Vermont
(802) 476-2003
327 U.S. Route 302
Barre, VT 05641

UVM Extension Agricultural Business Website
https://www.uvm.edu/extension/agriculture/agriculture_business_management
http://blog.uvm.edu/farmvia/

[DrTimPerkins]

Update on SBA Emergency Loan Programs:

Maple syrup producers are eligible for SBA Economic Injury Disaster Loans (EIDL).
This program features a $10,000 immediate loan advance that does not require repayment.

After consultation with congressional offices we have determined that maple syrup producers that package, wholesale and/or retail their product are qualified for this EIDL program and should not identify themselves as “agriculture” if applying (“Agriculture” is not eligible for EIDL). Maple syrup can move ahead as a production business in the application. This makes them eligible for EIDL loans.

Maple enterprises producing sap-only (and other “farming” operations) are not eligible for EIDL loans.

All farms and maple businesses can apply for the SBA Paycheck Protection Program (PPP).


Mark Cannella
Extension Associate Professor
University of Vermont
(802) 476-2003
327 U.S. Route 302
Barre, VT 05641

UVM Extension Agricultural Business Website