Coronavirus Aid, Relief, and Economic Security (CARES) Act Paycheck Protection Program

The Paycheck Protection Program (PPP) recently introduced by the Federal government and administered by the Small Business Administration is an unprecedented relief package for small businesses across the country. We have worked quickly and thoroughly to establish a new relationship with SBA in order to assist our stockholders and communities assessing their needs.

Farmers and ranchers who operate as a sole proprietor also have access to the program as of April 10th. 

We will continue to monitor all regulatory guidance applicable to the PPP and update any changes to our status on our website. 

The Paycheck Protection Program (PPP) was announced as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The PPP is a federal program that helps small businesses keep workers employed. The loans may be forgiven if borrowers keep all employees on payroll and maintain compensation levels for eight to twenty-four weeks after the loan is made and the loan funds are used for specific qualified expenses, including payroll, rent, mortgage interest, or utilities. We recommend visiting with your accountant to calculate your qualified payroll amount.

If you have any questions, please contact your loan officer or local branch. Our staff remain available to helping you through these evolving times.

Fill out your application using the link below.

In addition to the full forgiveness application, SBA also published a new EZ version of the forgiveness application that applies to borrowers that:

  • Are self-employed and have no employees; OR
  • Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
  • Experienced reductions in business activity as a result of health directives related to COVID-19, and did not reduce the salaries or wages of their employees by more than 25%.

The EZ application requires fewer calculations and less documentation for eligible borrowers. Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period.  These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan.

You can fill out your preferred forgiveness application using the links below.

Resources

Thank you for partnering with High Plains Farm Credit. We appreciate being part of your team as we move through this challenging time together.

Questions about the PPP loan program? Please contact 939ContactUs@HighPlainsFarmCredit.com.

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