Or. Admin. Code § 603-007-0160

Current through Register Vol. 63, No. 11, November 1, 2024

Section 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.

Or. Admin. Code § 603-007-0160

DOA 6-2022, temporary adopt filed 04/26/2022, effective 4/27/2022 through 10/23/2022

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)