Recent COVID-19 relief funding approved by Congress has authorized a Paycheck Protection Program 2 (PPP 2). The deadline to apply is March 31, 2021. The PPP 2 has different requirements than the original PPP, which will mean more farmers are likely to qualify.
You might be eligible! Many small businesses, including farms and ag businesses, DO meet eligibility requirements. Farms that submit a Schedule F are now eligible to use their gross farm income instead of net farm income to calculate their loan amounts.
- Farms that applied in the original PPP may be eligible for a recalculation of a “First Draw” PPP using gross farm income.
- Farms that did not apply for PPP in the past may now be eligible for a “First Draw” PPP loan.
- Farms that applied in the original PPP may be eligible for a “Second Draw” PPP loan.
- Loan forgiveness is available for qualified applicants. Forgiveness forms have been simplified.
Presenters from University of Minnesota Extension Ag Business Management, Farmers’ Legal Action Group and Sustainable Farming Association will walk you through what eligibility looks like and the forms and steps to apply for first and second draw PPP loans.
This webinar is sponsored by Farmers’ Legal Action Group, Minnesota Farmers’ Market Association, Minnesota Institute for Sustainable Agriculture, Sustainable Farming Association, Minnesota Farmers Union, University of Minnesota Extension and Minnesota NCR-SARE.
For more detailed information on PPP eligibility visit