Kustoff Introduces the Paycheck Protection Program Flexibility for Farmers and Ranchers Act
WASHINGTON, DC—Today, Congressman David Kustoff (TN-08) joined Congressman Jim Hagedorn (MN-01) in introducing the PPP Flexibility for Farmers and Ranchers Act.
This bill would enable farmers and ranchers to report either gross or net income for the purposes of calculating their maximum Paycheck Protection Program (PPP) loan amount. The CARES Act allowed for farmers and ranchers to apply for Paycheck Protection Program loans by utilizing net income in their loan calculations. Unfortunately, this prevents many agricultural partnerships from receiving the maximum PPP loan possible.
“The Paycheck Protection Program has proven vital to farmers who have struggled to overcome the effects of COVID-19. This legislation ensures that West Tennessee’s farm partnerships have access to the resources needed to maintain operations and fuel our economy,” said Rep. Kustoff. “I look forward to its quick passage.”