$484 billion in additional coronavirus emergency aid approved

Farmers and hemp businesses are eligible for another round of emergency loans with the enactment Friday of more federal funding aimed at keeping small businesses afloat.

The latest stimulus package, worth some $484 billion and signed by President Donald Trump, is aimed at replenishing a depleted fund to help small businesses avoid layoffs and furloughs.

The law includes $321 billion to fund the U.S. Small Business Administration’s Paycheck Protection Program (PPP).

Of that, $60 billion is designated for smaller lending facilities, including community financial institutions and credit unions with assets less than $10 billion.

The legislation specifies that farms with fewer than 500 employees are eligible for Economic Injury Disaster Loan (EIDL) program, which provides up to $10,000 in advance for small businesses.
To learn more about emergency small-business assistance, click here.