CARES Act relevance to Farmers

Asked July 6, 2020, 8:25 AM EDT

Please interpret the strong references to "rent" and "leased" to the agriculture /farming world. Does the PPP program, extended a couple of days ago with broader latitudes, include land we lease or rent for pasture, crop, or other use.

Van Buren County Michigan

1 Response

Yes, however, 60% of the loan amount must be used for payroll purposes in order to be eligible for the forgiveness possibility outlined in the program.

More information can be found here: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program#section-header-5