U.S. Senator Tammy Baldwin has introduced legislation to extend more relief to farmers and small businesses through changes to the Paycheck Protection Program. The PPP Flexibility for Farmers, Ranchers, and the Self-Employed Act includes a legislative fix authored by the Madison Democrat that would make critical changes to PPP loan calculations to allow self-employed farmers to apply for more generous PPP loans based on their gross income, retroactively.
"Our bipartisan legislation will extend more relief and offer flexibility to Wisconsin's self-employed farmers so the PPP better serves their needs," Sen. Baldwin said. "Prior to my change, Wisconsin farmers were stuck with small loans based on 2019 net income--or they were not eligible for loans at all. Farmers will now have an opportunity to receive an increased benefit with more generous loans."
If approved, the measure would allow any self-employed farmer, even those who already received a PPP loan based on their net income and got it forgiven, to get a loan for the difference between the gross and the net income loan amounts. The relief would be extended retroactively to March 27, 2020.
Baldwin is the chair of the Senate Agriculture Appropriations Subcommittee.
Categories: Wisconsin, Business, Government & Policy