The Paycheck Protection Program Flexibility Act was recently enacted with bipartisan support, a bill designed to provide businesses more time and flexibility to keep their employees on the payroll and ensure their continued operations as the country gradually reopens. In a media call this week, the U.S. Small Business Administation’s Great Lakes Regional Administrator, Rob Scott, responded to a question by KMRS that the agency will continue its outreach efforts to rural businesses.
“I do know that some of the guidances that came out also were kind of targeted to rural America as well,” said Scott. “Whether it was a farmer who was a sole proprietor or that big agricultural enterprise that was out there. So, we are going to continue to keep our foot on the gas when it comes to reaching out to rural America. It’s something that’s extremely important to the U.S. Small Business Administration.”
Scott said the Small Business Administration has been working with the USDA and Farm Bureaus on joint programs for many years and will continue to do that. He said they have also conducted a number of webinars for farmers and rural Americans. The highlights of the new Flexibility Act is that it extends the covered period for loan forgiveness from 8 weeks after the date of loan disbursement to 24 weeks. It also lowers the requirement that 75 percent of a borrower’s loan proceeds must be used for payroll costs down to 60 percent. In addition, the new rules confirm that June 30 remains the last date on which a PPP loan application can be approved, unless Congress takes further action.