The Economic Aid Act was signed into law on December 27, 2020. The Act authorizes the Small Business Administration (SBA) to provide another round of lending under the Paycheck Protection Program (PPP).
This round of lending is especially exciting as it has specific provisions for qualifying farmers. Central Kentucky Ag Credit stands ready to assist you.
With the deadline for applying being March 31, 2021, we encourage you to apply as soon as possible. We anticipate heavy demand for the program and plan to process applications as quickly as possible. (Preparation for the application process may include working with your accountant or financial advisor.)
First Draw Loans
Available to first-time borrowers. First-draw loans can be used to cover payroll costs, including benefits. Funds can also be used to pay mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and some supplier costs and expenses for operations.
The SBA has provided this guidance on how to calculate the maximum loan amount for first draw loans and the necessary documentation to provide by business type.
If you’re interested in learning more about this program, please contact your Ag Credit loan officer.
We appreciate the opportunity to be your lender of choice.