There could be an opening for relief for farmers and ethanol refiners under the small business provisions of the COVID-19 aid plan passed by the Senate late Wednesday according to Pro Farmer policy analyst Jim Wiesemeyer.
The provisions are not specifically designed for agriculture and there are some tight requirements for eligibility according to Wiesemeyer, but he encourages farmers to talk with their bankers about it.
“Just because there are requirements, I would tell viewers don't give up because this could pump potentially billions of dollars of cash flow into the much needed ag sector,” Wiesemeyer told AgDay’s Clinton Griffiths on the Farm Journal Live newscast. “And this could also potentially be utilized by the ethanol industry, again we're checking into that.”
The bill sets aside $350 billion for small business assistance. According to Wiesemeyer, the loans could be forgiven if borrowers closely follow the rules, essentially turning them into grants.
For further analysis of the Senate aid plan, watch Thursday’s Farm Joural Live in the player above.