Abstract
In this policy and practice brief, we analyze the U.S. Paycheck Protection Program (PPP). The PPP provided loans to support businesses during the COVID-19 pandemic. Some businesses received timely relief from the PPP loans, while some were not able to acquire assistance. Production agriculture received 617,128 PPP loans totaling $17 billion.[1] The reach of PPP loans across the country was broad. In 80% of U.S. zip codes, at least one farm received a PPP loan. The average size of the loan in agriculture ($27,744) was substantially smaller than the national average ($74,156). The authors conducted interviews with PPP recipients and present some findings from those. The most recent data reveal challenges and opportunities for agricultural businesses, depending on their scale of operations and regional disparities. Community organizations working with small agriculture-related businesses need to be aware of various impacts while providing future assistance.
Highlights
Background of the IssuesEntrepreneurs and small businesses are the heart and soul of our communities
Half of all Americans are employed by small businesses, which the Small Business Administration (SBA) generally defines as firms with fewer than 500 employees
We provide a descriptive and geographical analysis of the Paycheck Protection Program (PPP) loan program by analyzing secondary data provided by SBA for the years of 2020 and 2021
Summary
Background of the IssuesEntrepreneurs and small businesses are the heart and soul of our communities. Some businesses received timely relief from the PPP loans, while some were not able to acquire assistance. The U.S government provided support to small businesses by implementing the Paycheck Protection Program (PPP).
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