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NCBA hails additional relief for cattle producers and small businesses

23 April 2020

The NCBA welcomes the US Senate passing the Paycheck Protection Programme Increase Act to aid cattle producers affected by the COVID-19 pandemic.

National Cattlemen’s Beef Association Vice President, Government Affairs, Ethan Lane issued the following statement in response to US Senate passage of the legislation:

“We applaud the Senate for advancing this critical replenishment of funding to programmes like Paycheck Protection Programme (PPP), and we are pleased to see the reaffirmation of Congress’s intent that cattle producers be granted access to the Economic Injury Disaster Loan (EIDL) programme administered by the Small Business Administration.

"We urge the House of Representatives to move swiftly to approve this package and deliver these funds to producers across the country who are continuing to keep grocery store shelves full during this economic disaster."

Background

On 21 April, the US Senate approved so-called "CARES 2.0" $484 billion emergency relief legislation by unanimous consent.

The measure would provide an additional $321 billion in funding for PPP. Of this amount, $60 billion is set aside for small lenders and community-based financial institutions who serve the needs of unbanked/underserved small businesses, specifically:

  • $30 billion for loans made by Insured Depository Institutions and Credit Unions that have assets between $10 billion and $50 billion; and
  • $30 billion for loans made by Community Financial Institutions, Small Insured Depository Institutions, and Credit Unions with assets less than $10 billion.

An additional $50 billion is provided for SBA’s Economic Injury Disaster Loan (EIDL) programme – allowing for approximately $300 billion in new loans for small businesses – and $10 billion in funding for SBA’s Emergency Economic Injury Grant programme.

Authorising language was included to allow agricultural enterprises as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)) with not more than 500 employees to receive EIDL grants and loans.



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