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Paycheck Protection Program

Updated August 3, 2020

Applications are no longer being accepted as of August 3, 2020 at 5:00 PM EDT.

The federal government approved additional funding for the Paycheck Protection Program, so Farm Credit Mid-America accepted online applications for the guaranteed loan program from customers. The service is in keeping with our commitment to work alongside you to support your needs and operations.

The PPP is part of the Coronavirus Aid, Relief and Economic Security (CARES) Act, which initially authorized up to $349 billion in economic relief to small businesses nationwide, providing a direct incentive to keep workers on the payroll and meet other critical expense needs. Those funds were expended by April 16, so Congress moved to re-fund the PPP.

Funds for the forgivable loan program come through Small Business Administration (SBA) guarantees for loans issued by approved lenders. All loan forgiveness information will be sent directly to applicants.

Loans can be used to cover payroll costs, including benefits as well as rent, utilities and interest on mortgages.

Eligibility

Farm Credit Mid-America accepted applications from applicants in its chartered territories of Indiana, Kentucky, Ohio, and Tennessee who have an existing loan with Farm Credit Mid-America or Rural 1st®, a tradename and registered trademark utilized for Farm Credit Mid-America’s rural home lending activities. Customers with existing loans have established their account with us, satisfied underwriting verifications, and established their eligibility to borrow under regulations applicable to the Farm Credit System, which allows Farm Credit Mid-America to help provide efficient access to available relief funds and to help prevent fraud in the process. Individual applicants must be able to generate at least $500.00 in Gross Farm Income in order to qualify. All loans are subject to credit approval and eligibility requirements.

The PPP is designed for businesses with 500 or fewer employees whose principal place of residence is in the United States.

Sole proprietorships, independent contractors and self-employed people are also eligible in addition to nonprofits, veterans' organizations and Tribal business concerns.

Where can I learn more?

For up-to-date details, see the SBA’s Reference Guide for Applicants and Lenders.

For details on calculating the loan amount, see the Treasury’s Guide to Calculate Loan Amount.

For additional information:

Loans are subject to applicable Small Business Administration requirements, which are subject to change without notice. Loan program availability is limited.

The information on this page is being provided for informational purposes only and may not be relied upon and does not bind Farm Credit Mid-America to the terms expressed above. All information is subject to change and prospective applicants are encouraged to refer to the publications about the PPP from the Department of Treasury and the Small Business Administration for the most recent and accurate information. Farm Credit Mid-America does not provide Legal, Tax, or other professional advice and the foregoing shall not be construed as such. Prospective applicants should consult with their professional advisors to determine if they are eligible for loans under the PPP and if obtaining a loan under the program is right for them.