Or. Admin. Code § 603-007-0160 - Application Processing and Maximum Award Amount Determination
(1)
(a) Lending Institutions, will review each
Application within seven business days to determine eligibility; and
(b) Lenders will provide three business days
for a Person to correct an Application not meeting the initial screening of the
Program Requirements.
(2) If the Lending Institution approves a
Person's Application, the Lending Institution shall determine the maximum
amount of forgivable loan assistance using the following requirements:
(a) The forgivable loan amount shall not
exceed $125,000; or
(b) Cause the
Person's actual or estimated Gross Farm Income in the calendar year 2021 to
exceed 90 percent of the Person's three-year baseline.
(3) Notwithstanding section (2) of this rule,
if the Lending Institution accepts a Person's Application and the Person
qualifies as a historically underserved producer or the Person has less than
$350,000 Gross Farm Income in the calendar year 2021, the Lending Institution
shall determine the maximum amount of forgivable loan assistance using the
following requirements:
(a) The forgivable
loan amount shall not exceed $150,000; or
(b) Cause the Person's actual or estimated
Gross Farm Income in the calendar year 2021 to exceed 95 percent of the
Person's three-year baseline.
(4) As established in the Program
Requirements, eligible Persons may deduct Livestock Expense from their 2021
Gross Farm Income.
(5) A forgivable
loan amount less than or equal to $1,000 will not be eligible.
Notes
Statutory/Other Authority: OL 2021, Ch. 2, SB 892 (2021) & OL 2021, Ch. 4, SB 5561 (2021)
Statutes/Other Implemented: OL 2021, Ch. 2, SB 892 (2021) & OL 2021, Ch. 4, SB 5561 (2021)
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