The director of economic and policy research with the American Bankers Association says farm banks have distributed nearly $36 billion through the Paycheck Protection Program.
Tyler Mondres tells Brownfield institutions handed out 817,000 loans, which accounts for 7 percent of all loans in the program. “The numbers are very encouraging. The average farm PPP loan was $43,000 so you’re talking about pretty small producers that were able to use that funding to manage their needs.”
Mondres says money from both rounds of PPP helped support nearly 15 million jobs.
