Congress is at work on replenishing funds for the Small Business Administration’s Payroll Protection Program. Farm Credit Council President and CEO Todd Van Hoose says the $310 billion in the bill will not go far. “The expectation around that is 72 hours, I don’t see it lasting four days at this point. There’s going to be a huge rush to get that.” Farm Credit institutions were not approved for the PPP program until late in the process and Van Hoose says it may not be very effective for agriculture. The relief provided through the coronavirus economic stimulus package is welcomed. However, Van Hoose is concerned about the payment limits, especially for the livestock sector.
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