The Small Business Administration has released more details about use of the Paycheck Protection Program loans, showing agriculture, forestry and fishing have accounted for just under $8 billion in loans, which amounts to about 1.5% of total loan dollars under the program.
After running out of funds during the spring, SBA reported Tuesday the Paycheck Protection Program still has about $131.9 billion available for PPP loans. The program resumed accepting applications on Monday with a deadline now of Aug. 8 to apply for a loan.
The PPP program is run by the SBA and not tied to USDA. The loans do not affect other farmer programs at USDA, such as aid under the Coronavirus Food Assistance Program.
SBA on Monday also provided details on roughly 4.9 million loans, totaling more than $521 billion to companies around the country. SBA reports companies using the program reported 51,125,937 jobs that are supported by the PPP loans. Yet, the Washington Post also reported nearly 90,000 companies that received loans without details over whether they would rehire workers or create new jobs.
SBA released a searchable database by company and state. The vast majority of loans, about 3.26 million, are under $50,000, but there were more than 4,800 loans of more than $5 million each.
The health care industry, “professional, scientific and technical services” industry, construction, manufacturing, accommodation and food services, and retail trades are the largest industries receiving PPP loans. Combined, those industries make up $344 billion in loans, or about two-thirds of the funds.
Businesses in agriculture, forestry, fishing and hunting combine to account for more than 139,000 loans for $7.9 billion, or about 1.5% of the total loan dollars through the end of June.
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The searchable database lists the names of 660,000 businesses that received at least $150,000 in loans under the program. About 900 businesses under the “agriculture, forestry, fishing and hunting” industries are listed as receiving loans between $1 million and $10 million. That includes 545 businesses identified as farm or fishing operations.
The database shows more than 30 ethanol companies have received loans of at least $150,000 under the program, as well as more than 80 other renewable energy businesses.
Several major dairy processors around the country received loans in the $5 million-to-$10 million range. Nearly 60 businesses listed in the dairy industry from across the country were listed receiving at least $1 million in PPP loans. Dozens of farmer cooperatives were also listed.
Broken down by state, California businesses have received $68.2 billion in loans, the highest in the country, followed by Texas at $41 billion, New York at $38.3 billion and Florida at $32 billion with the most PPP loan dollars.
Businesses such as farms apply for the PPP loans through their bank, credit union or Farm Credit lender. SBA has 5,461 approved SBA lenders, including 54 Farm Credit associations.
SBA has the option under PPP loans to forgive all or a portion of the loan if used for payroll costs, interest on mortgages, rent and utilities. At least 60% of any forgiven amount must have been used for payroll.
The loans have a 1% interest rate, and any loan approved after June 5 has a maturity date of five years. Loan payments also can be deferred for six months.
More information on PPP loans can be found here.
Chris Clayton can be reached at Chris.Clayton@dtn.com
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