Paycheck Protection Program
For Immediate Release
Nora Nolden, Communications Consultant
[email protected] or (651) 245-6804
Compeer Financial Encourages Farmers to Explore Paycheck Protection Program
The new Small Business Administration loan could help farms cover payroll costs
Sun Prairie, Wis., (April 7, 2020) – Compeer Financial, the member-owned Farm Credit cooperative based in the Upper Midwest, is working with clients considering the Paycheck Protection Program, or PPP, a new loan program offered through the CARES Act. The program is offered to small businesses, and is designed to help those businesses offset the cost of payroll and other expenses for eight weeks as they deal with complications around the COVID-19 outbreak.
“We understand the coronavirus may bring challenges to our clients. Compeer has always had a strong commitment to working with our clients through any situation, and we continue that support today,” said Paul Kohls, Chief Lending Operations Officer. “We hope this loan program will bring some relief to our clients as they head into spring.”
The PPP is uniquely designed to provide funds to small businesses to help pay certain payroll costs, including benefits. Funds can also be used to pay interest on mortgages, rent and utilities. The loans provided are eligible for forgiveness if the small business retains and continues to pay its employees. Applications opened April 3 to small businesses and sole proprietorships, and April 10 to independent contractors and self-employed individuals.
“The wellbeing of our clients is our highest priority as we face this uncertain time. Our team is working closely with them to find the best course of action for their operations, and the PPP is another tool they have to stay successful through these challenges,” said Kohls.
For more information on requirements and frequently asked questions, farmers can visit compeer.com/paycheck-protection.
About Compeer Financial
Compeer Financial is a member-owned Farm Credit cooperative serving and supporting agriculture and rural communities. The $22.2 billion organization provides loans, leases, risk management and other financial services throughout 144 counties in Illinois, Minnesota and Wisconsin. Based in the Upper Midwest, Compeer Financial exists to champion the hopes and dreams of rural America, while providing personalized service and expertise to clients and the agriculture industry.
Compeer Financial is the third largest cooperative of the Farm Credit System, a nationwide network of lending institutions supporting agriculture and rural communities with reliable, consistent credit and financial services. Learn more about Compeer Financial.