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Assisting Small Business Impacted by the COVID-19 Emergency

With the COVID-19 emergency, many small businesses nationwide are experiencing economic hardship as a direct result of the Federal, State, and local public health measures that are being taken to minimize the public’s exposure to the virus.

These measures are resulting in a dramatic decrease in economic activity. In response to the current situation, the Small Business Administration (SBA) has established the Paycheck Protection Program: a loan program to assist small businesses nationwide adversely impacted by the COVID-19 emergency.

The program is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing funds to pay up to 8 weeks of payroll costs including benefits and certain other expenses, up to $10 million.

Submitting an application with Farm Credit of Florida

Farm Credit of Florida is approved as a preferred lender in the CARES Act. We are accepting applications while funding is still available. We are here to support you through this application process.


To submit your application and documentation please follow these steps:

  1. Contact your Farm Credit of Florida relationship manager to express your intent to apply for a PPP loan. Get a list of our branches and relationship manager contact information..
  2. Complete your PPP loan application and review the checklist of documents needed. The application is a fillable PDF file.
  3. Submit application and documentation to your Farm Credit of Florida relationship manager.


You are eligible for a PPP loan if your business meets SBA requirements and has its principal place of residence is in the United States, including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors. In addition, your business must meet current Farm Credit eligibility requirements to obtain funding from a Farm Credit System institution.


Funds are provided in the form of loans that may be forgiven when used for payroll costs, interest on mortgages, rent, and utilities (at least 60% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required.

Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. The loan forgiveness form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:

  • Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
  • Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the 24-week period after receiving their PPP loan
  • Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
  • Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
  • Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined


The PPP loan forgiveness application includes the PPP Loan Forgiveness 3508 form and Schedule A, with accompanying instructions, which you will need to complete. You’ll also be required to submit documentation, including:

  • Paycheck Protection Program Loan Forgiveness
    • Bank account statements or third-party payroll service provider reports.
    • Tax forms including IRS Payroll tax filings (typically Form 941) and state quarterly business and individual wage reporting and unemployment insurance tax filings.
    • Payment receipts, cancelled checks, or account statements documenting employer benefits contributions.
  • FTE documentation showing the number of FTE employees for the FTE reduction reference period selected.
  • Nonpayroll documentation verifying the existence of obligations/services prior to February 15, 2020, and eligible payments, consisting of the following:
  • Business mortgage interest payments: account statements or amortization schedules and receipts or cancelled checks.
  • Business rent or lease payments: account statements or current lease and receipts or cancelled checks.
  • Business utility payments: account statements or invoices and receipts or cancelled checks.


The documents required with the PPP Loan Forgiveness 3508EZ form, with accompanying instructions, are the same as listed above except for the following differences:

  • Form 3508EZ does not have a Schedule A.
  • The FTE report is not required.

Once forgiveness processing begins and we receive your application, it will be reviewed for completeness and submitted to the SBA for a decision. You will be notified of the decision, the amount being forgiven, any outstanding balance, and the due date of your first payment, if applicable.


The Paycheck Protection Program resumed accepting applications July 6, 2020, at 9:00 AM EDT in response to the President signing the program's extension legislation. The new deadline to apply for a Paycheck Protection Program loan is August 8, 2020. 


To learn more about the Paycheck Protection Program, please visit the Paycheck Protection Program section of the Small Business Administration website. To apply contact your Farm Credit of Florida loan officer.

Credit subject to approval. Terms and conditions apply. This is not a commitment to lend. Program, rates, terms, and conditions are subject to change without notice. Subject to Small Business Administration (SBA) guidelines, approvals and guarantees. This document is intended to convey general information only and not to provide legal advice or opinions. The information provided in these resources is based upon the best and most current information provided by SBA.