COVID-19 Relief & Resilience Resources
These materials are aggregated from a number of trusted partners and collaborators. We do our best to acknowledge the source of each resource, and to send you directly to that source. We also welcome suggestions for resources not listed here but that may be beneficial to the communities Quivira serves by way of the form at the bottom of this page.
Paycheck Protection Program
The Paycheck Protection Program (PPP) is a forgivable U.S. Small Business Association (SBA) loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll (including self-employment income), rent, mortgage interest, or utilities.
One of our staff members participated in the webinar and summarized the most pertinent information in this document, specifically for our New Agrarian Program mentors. Read the summary here.
Who Can Apply
The following entities affected by Coronavirus (COVID-19) may be eligible:
- Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
- Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
- 500 employees, or
- That meets the SBA industry size standard if more than 500
- Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
- Sole proprietors, independent contractors, and self-employed persons
The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
This loan has a maturity of 2 years and an interest rate of 1%.
If you wish to begin preparing your application, you can download a copy of the PPP borrower application form to see the information that will be requested from you when you apply with a lender.
Be sure to check with your payroll service provider, your lender, or other financial advisor on the documentation you will need for loan forgiveness.
Farms and ranches should look closely at this opportunity for a forgivable loan to cover payroll costs. In this webinar, our friends at Farm Commons explain how farmers can apply. They discuss what’s changed with this new round of funding and pass on tips for a successful experience, as well as some cautions from the field. You’ll learn how to use the P3 program in combination with other support programs, such as Economic Injury Disaster Loans and unemployment insurance benefits.