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Paycheck Protection Program

Update Wednesday, May 27

Process of Loan Forgiveness through Paycheck Protection Program

Recently, the Small Business Administration (SBA) released new information regarding the process for loan forgiveness on Paycheck Protection Program (PPP) loans. You can access that information directly from SBA by clicking on this link: 

If you received a PPP loan processed through FCS Financial, we strongly encourage you to:

  1. Go to the SBA site and review the most recent information. This will give you insight into the forgiveness process. 
  2. Wait for final guidance from SBA before submitting the forgiveness application, review information we will make available to you along with updated details provided by SBA, and take advantage of the online process we are providing.

To better assist you with this process, we have enlisted the support of Abrigo, a company that focuses on providing technology for community financial institutions. Their services will allow you to use an online platform for completing and submitting the forgiveness application.  We will provide additional information on how to access and use this platform in the coming days. 

As your lending cooperative, we will continue to provide information and assist you through this process. If you have any questions, please contact your local loan officer.

Update Thursday, April 23

Funding Added to the Paycheck Protection Program

Late Thursday afternoon, the house passed another relief package related to the COVID-19 outbreak. The Senate passed this bill earlier this week. We expect the president to sign it shortly.

This bill provides $310 billion for the Small Business Administration’s Paycheck Protection Program. The Farm Credit System, along with other approved SBA lenders will have access to $250 billion of those funds and the remaining amount is targeted directly for specific lenders.

As we shared earlier, Missouri’s farmers and ranchers are eligible for this program. However, based on comments from elected officials as well as SBA staff, it is believed these funds will not last very long. We strongly encourage all FCS Financial members to contact their loan professionals if you have not applied for this program. 

Update Thursday, April 16

Paycheck Protection Program: Funding Update

We were notified this morning that all funding for the Paycheck Protection Program (PPP) has been exhausted. When this occurred, access to the Small Business Administration (SBA) loan submission portal was blocked. At this time, we will continue to accept completed applications from our members for PPP loans. If Congress elects to authorize additional funds for this program and SBA reopens the portal, we will process the fully completed applications based on the order in which they are able to be certified by FCS Financial.  Due to the high demand for Program loans and the limited funding, any approval is therefore conditioned on, and entirely subject to, availability in the future of additional funds that the government may or may not decide to appropriate for the Program and the acceptance of the application by SBA.  If you have already applied through FCS Financial, we will contact you and provide an update on the status of your application.

We will provide additional information regarding our ability to access this program as events unfold. If you have any questions, please contact your service provider.

Update Tuesday, April 14

FCS Financial: Supporting our Member-Owners

We recently gained access to the Small Business Administration’s loan submission portal and received confirmation as authorized lenders. This means that we can now begin accepting applications from our member-owners for the Coronavirus Aid, Relief and Economic Security (CARES) Act, Paycheck Protection Program (PPP). This program will provide the opportunity for some qualified applicants to receive a forgivable loan through SBA.

PPP is directed, administered and funded by the US Treasury and SBA. The program was funded with an initial investment of $349 billion dollars authorized by Congress. There has been discussion of adding additional funds but once the funds are disbursed on a first come, first served basis, the program will be terminated. The program also requires applicant certification of eligibility, determination of loan amount and documents supporting both with a statement verifying damages due to the Coronavirus. Please keep in mind this program is different from FCS Financial products. This is an SBA product based on their guidelines and submission process. While we will do our best to provide you with the same level of service you have come to expect from your cooperative, you are ultimately responsible for determining the amount of payroll costs and your loan amount, and SBA sets all guidelines for submission and approval which can change at any time.

We strongly encourage all interested member-owners to thoroughly read the information provided by SBA on their website prior to completing the application. You can find all current information, including the application through this link:

United States Treasury Department - Small Business Assistance Programs

Once you have completed the application with supporting documents, you can forward the information to your loan officer through secure email, USPS postal mail or you can leave it in the drop box at your local office.  All loan approvals are subject to specific requirements of the Small Business Administration at the time of loan origination, which may be in addition to or different from the information currently provided and which may change at SBA’s discretion. All loans are also subject to availability of funds under the SBA program. Funds are limited and we anticipate a high volume of requests. Processing delays and system failures that interfere with submission of SBA applications have been reported by lenders.

FCS Financial cannot guarantee approval, acceptance by SBA or the availability of funds. We do not provide tax, legal or financial advice in connection to this program and encourage you to consult with your independent advisors with any questions.

Update Monday, April 6

Currently, FCS Financial is not able to access the Small Business Administration (SBA) web portal, which is necessary to submit and process Paycheck Protection Program (PPP) applications. While communications from SBA and U.S. Treasury do list Farm Credit entities as approved lenders, portal access remains a challenge in FCS Financial’s ability to accept and process applications.

We are working diligently with SBA and others to find answers to the process challenges. However, FCS Financial is not in control of the timeline for resolution.  In order to participate in their programs, SBA requires a multi-step process for a lender to complete in order to make loans through the program.   And, with the anticipation of demand exceeding program budgets, we are concerned the time delays associated with the processing challenges could create problems for members who apply with us. This is very disappointing to us because the ability to access the portal is beyond our control. 

We understand the desire of our eligible members to take advantage of this program and also understand why they may choose to pursue application through another participating lender. Historically, SBA programs have not been focused on agriculture, especially agricultural producers.  So, FCS Financial has not been an active lender on a regular basis.  This lack of recent use on the part of the Farm Credit System appears to have complicated this process bottleneck.

We will continue to provide additional updates as new information becomes available.

Posted Friday, April 3

On Friday, March 27, President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. An important part of this act was the Paycheck Protection Program (PPP). This program was designed to support small businesses by helping with expenses primarily associated with salaries and employee benefits. 

Initial information released indicated the Farm Credit System would be a viable lender to process these loan requests and that certain agribusinesses and agricultural producers would be eligible participants.  The start date for accepting loan applications for this program was scheduled for April 3, 2020.  For sole proprietors, the start date is April 10. We believe this may include a number of farmers and ranchers.

However, due to the urgency with which this program has been rolled out, there was limited information until just recently and changes to the program have been constant. The final interim rule was published the evening of April 2, 2020. To support our rural communities and member-owners, we are working on the changes needed to process these program requests. We will let everyone know when we are ready to begin processing, which we plan to be prior to April 10. So that our team is best prepared to help you, we have included links to additional information provided by the U.S. Treasury and Small Business Administration (SBA).   Each applicant is responsible for certifying their eligibility and information.

More information will be provided in the coming days.

SBA Paycheck Protection Program Information

Paycheck Protection Program Application


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