Small business loans are now available to help get through the coronavirus. “The maximum loan you can get is the lesser of 2.5 times the average monthly payroll cost or $10 million,” said Ron Haugen, farm management specialist, NDSU Extension. “The government will guarantee 7a loans to 100 percent through the end of the year. You can use the loan for payroll, healthcare benefits, mortgage, rent, utilities and interest for other debts.” Haugen said the terms of the loans are 10 years, with a maximum interest rate of four percent. “It will be administered through local banks. There is $349 billion appropriated and I’m not sure how long that will last. Normally, farmers don’t qualify for these loans, but there’s nothing in this act that says farmers don’t. We’re waiting on guidance on that to see if farmers qualify or not.” Loan forgiveness is also available. Read more about the program.
