New Economic Stimulus Package Provides Additional Relief For Farmers

President Donald Trump recently signed a $484 billion coronavirus relief package with funds earmarked for farmers.

April 29, 2020

President Donald Trump recently signed another coronavirus relief package, approving $484 billion to aid to small businesses and healthcare systems.

Unlike part of the previously approved economic stimulus package, some of the newly approved funds have been reserved for agriculture-related businesses, the Chicago Tribune reports.

The new package includes an amendment that allows agricultural businesses to participate in the Economic Injury Disaster Loan Program (EIDLP). Farms with fewer than 500 employees may now apply for up to $10,000 in advance loans, but they need to show they’ve been economically hurt by COVID-19 to be eligible. Applications are available online through the Small Business Administration (SBA).

RELATED: A Guide to the Federal Stimulus Package for Hemp Businesses

In addition, the new package allots about $320 billion into the Paycheck Protection Program (PPP) to allow small businesses to keep their employees on the payroll.

For more guidance about the funding packages, visit SBA's FAQ page.

The previously approved economic stimulus package had allotted funding to each of those areas, but much of the funding had run out just two weeks after it was approved, reports USA Today. Additionally, many hemp farmers weren’t able to access funds from the Coronavirus Aid, Relief and Economic Security (CARES) Act because it hadn’t earmarked funds for agricultural businesses, the Tribune reports.

Marijuana-related businesses are still not eligible for the latest federal stimulus package.