Farm Credit Administration Guidance on PPP for Small Businesses

The Farm Credit Administration has issued an updated informational memorandum for the purposes of providing Farm Credit System institutions with updated guidance on the Paycheck Protection ProgramFollow this link for the memorandum: 

https://ww3.fca.gov/readingrm/infomemo/Lists/InformationMemorandums/Attachments/269/PaycheckProtectionProgramInfoMemoJuly2020.pdf 

The memorandum explains, 

Does the Farm Credit Act apply to loans made under the PPP?  

Yes. The PPP provides an opportunity for System lenders to access SBA’s loan guarantee and loan forgiveness authorities for covered loans related to payroll and certain other expenses of certain small businesses. The PPP has defined a small business to include agricultural operations. 

All updates can be found by checking their Paycheck Protection Program page: https://www.fca.gov/bank-oversight/paycheck-protection-program