The New Business and Industry (B&I) CARES Act Guaranteed Loan Program.
Effective Date: May 22, 2020.
Docket No. RBS-20-BUSINESS- 0016
"The B&I Guaranteed Loan program, as funded by the CARES ACT, is similar, yet different from other Federal Government programs. The B&I CARES Act Program will focus assistance to rural businesses, including agribusinesses and agricultural producers, with financial needs unmet by other Federal Government programs to prevent, prepare for, and respond to the coronavirus pandemic."
"Although loan purposes under the B&I CARES Act Program may overlap with loan purposes of EIDL, the B&I CARES Act Program will focus assistance to rural businesses that are ineligible to submit new EIDL applications or that are too large or otherwise not eligible for EIDL or have financial needs due to the coronavirus pandemic greater than EIDL assistance."
"The guaranteed loans funded by the B&I CARES Act Program will be for working capital loan purposes to support business operations and facilities in rural areas. While loan purposes under the B&I CARES Act Program may overlap with some of the purposes of the SBA PPP, the B&I CARES Act Program guaranteed loans will cover a broader range of typical business operating expenses and will not be focused on payroll costs. The B&I CARES Act Program will include funding for inventory, raw materials, supplies, and critical operating expenses for rural manufacturing businesses, including purposes that were not included in the allowable uses of PPP funds."
Resource: Business and Industry (B&I) CARES Act
Resource Focus: Rural Business-Cooperative Service