Baldwin: Change to the Paycheck Protection Program helps farmers
A Senator from Wisconsin says her proposed Paycheck Protection Plan changes would help farmers.
Democrat Tammy Baldwin says her PPP Flexibility for Farmers, Ranchers, and the Self-Employed Act would allow self-employed farmers and ranchers to apply for more generous PPP loans. “In the original PPP program, the loan size was based on payroll or net profits from the prior year, but as we know in dairy in particular but certainly other areas it’s been a rough time and so many realized very little profit if any at all.”
Baldwin says farmers who already received a PPP loan based on net income and had the loan forgiven would be eligible to get a loan for the difference between the gross and net income loan amounts and, “Now, we’re working across party lines in the Senate to also make this retroactive.”
A companion bill has also been introduced in the U.S. House.
Republican Senator Rob Portman from Ohio is one of the backers of the bill.