Corn Growers Urge Increased Funds for PPP

April 20, 2020

Corn Growers Urge Increased Funds for PPP

Apr 20, 2020

Key Issues:COVID-19

State corn grower associations, representing corn growers across the country, today urged Congressional leaders to provide additional funding for the Paycheck Protection Program (PPP) to ensure that agricultural businesses can continue to operate during the ongoing COVID-19 pandemic.

 

“America’s corn farmers have watched our largest buyers, the ethanol and livestock industry, be pummeled by low prices and closed processing plants. Nearly 40% of corn goes to feed livestock across the country with roughly another 40% of corn going towards the ethanol industry. The ethanol market has slowed and even halted as some plants shut down production while protein demand is rapidly declining due to restaurant closures and other factors across the country,” the associations wrote in the letter. “Our farmers and businesses are unable to keep up with paying rent, bills, input costs, and payroll amid the struggle of a slowing economy.”

 

The associations thanked lawmakers for making agriculture eligible for PPP. Unfortunately, the Small Business Administration (SBA) recently announced the initial PPP funding limit was reached and SBA would no longer be able to accept applications.

 

NCGA is taking a series of actions to help address the economic fallout of COVID-19 and creating solutions to help corn farmers and their customers recover from the financial impacts of this crisis. Learn more about NCGA actions here.