TY - JOUR
T1 - An overview of the Paycheck Protection Program (PPP) loans and implications for agricultural enterprise recovery from COVID
AU - Demko, Iryna
AU - Sant’anna, Ana Claudia
AU - Liang, Chyi Lyi
PY - 2021/1/1
Y1 - 2021/1/1
N2 - 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.
AB - 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.
KW - Agriculture
KW - COVID-19
KW - Entrepreneurship
KW - Governmental Support
KW - Pandemic
KW - Paycheck Protection Program (PPP)
UR - https://www.scopus.com/inward/record.uri?partnerID=HzOxMe3b&scp=85146337498&origin=inward
UR - https://www.scopus.com/inward/citedby.uri?partnerID=HzOxMe3b&scp=85146337498&origin=inward
U2 - 10.5304/jafscd.2021.111.003
DO - 10.5304/jafscd.2021.111.003
M3 - Article
SN - 2152-0801
VL - 11
SP - 201
EP - 208
JO - Journal of Agriculture, Food Systems, and Community Development
JF - Journal of Agriculture, Food Systems, and Community Development
IS - 1
ER -