Agricultural producers, farmers, and ranchers are eligible for small business rescue loans provided they meet certain requirements, according to new Payroll Protection Program (PPP) guidance from the U.S. Treasury Dept. and Small Business Administration (SBA).
Qualifications include having 500 or fewer workers or if the business fits within the revenue-based sized standard, which is average annual receipts of $1 million. Producers, farmers, and ranchers can also qualify if their business meets SBA’s “alternative size standard,” which is defined as having maximum net worth not more than $15 million, and average net income after federal income taxes, excluding any carry-over losses, for two full fiscal years before the application date of not more than $5 million.
Guidance also says agricultural and other forms of cooperatives are eligible to get PPP funds if other requirements are met.
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