USDA Guarantees $1 Billion
On May 22, Agriculture Secretary Sonny Purdue announced the move while reaffirming the Trump administration’s commitment to helping farmers and other rural businesses survive during the coronavirus pandemic. Going forward, USDA will offer 90 percent guarantees on Business & Industry CARES Act Program loans, setting the application and guarantee fee at two percent. Ag producers previously ineligible for USDA Farm Service Agency loans may now receive assistance under the USDA B&I CARES Act Provisions included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. All loans must be used as working capital with the goal of preventing, preparing for, or responding to the impact of the COVID-19 pandemic.
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