The audio from Oklahoma Farm Bureau’s follow-up conference call discussing more details about the Small Business Administration’s Paycheck Protection Program is now available below.
Hosted on April 10, the call was led by OKFB President Rodd Moesel and Senior Director of Public Policy Steve Thompson who provided members an opportunity to ask further questions about the program.
Highlights of the PPP program include (per the SBA, emphasis added):
- This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
- The program provides a maximum loan equal to 2.5 times your average monthly payroll from 2019 (please see the full rule for stipulations).
- The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll).
- You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
Listen to the full conference call audio from April 10
Total Length: 57min, 23 sec