Wisconsin Congressman Ron Kind has introduced the bipartisan Paycheck Protection Clarification for Producers Act in the House on Tuesday. The measure, which is being co-sponsored by Sen. Tammy Baldwin in the Senate, aims to ensure more farmers are eligible for loans through the Paycheck Protection Program.
The legislation increases the amount of family farmers eligible to receive a loan from the PPP by allowing them to use gross income to calculate their loan award. Supporters say many farmers are organized as partnerships or limited liability companies, which are taxed differently than other farm and ranch entities. As a result, most of those producers have been unable to apply for loans.
"Our family farmers are facing tough times through no fault of their own as the COVID-19 crisis continues," Rep. Kind said. "That's why I've continued to fight to expand access to the Paycheck Protection Program and other relief programs for our hardworking agricultural producers. No farmer should be shut out of this crucial program and denied a financial lifeline because of an interpretation error, and I'm proud to introduce bipartisan legislation to right this wrong."
Rep. Jeff Fortenberry of Nebraska was the other co-sponsor of the House version of the bill.
Categories: Wisconsin, Business, Government & Policy