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Many family farms across the country have been struggling to access the full benefits of the Paycheck Protection Program since it was created in March of last year. Sen. Tammy Baldwin, D-Wisc., is leading efforts to advance additional relief and flexibility through a bipartisan bill in Congress before the Senate recesses this week.
The PPP Flexibility for Farmers, Ranchers, and the Self-Employed Act includes a legislative fix authored by Baldwin that would make critical changes to PPP loan calculations to allow self-employed farmers and ranchers to apply for more generous PPP loans based on their gross income, retroactively.
In a virtual appearance during the North American Agricultural Journalists, Baldwin explains the PPP originally failed small family farms because the loan amount was typically based on either payroll or net profits from the previous year. However, many small family farms do not maintain a payroll, and many farms, particularly dairy farms, saw a string of diffic
ADA supports PPP reform bills to support dental practices
e-mailPrintShare May 03, 2021 By Jennifer Garvin
Washington The ADA is supporting new legislation to give small businesses more flexibility with the Small Business Administration’s Paycheck Protection Program.
In April 30 letters to the House and Senate, ADA President Daniel J. Klemmedson, D.D.S., M.D., and Executive Director Kathleen T. O’Loughlin, D.M.D., thanked lawmakers for introducing HR 2582, the PPP Revenue Adjustment Calculation to Increase Capital Accessibility Long-term Act, and S 1200, the Fair PPP Accounting Act.
Both bills would adjust the eligibility calculation for second draw Paycheck Protection Program, or PPP, loans to 90 consecutive days, rather than a calendar quarter.
(NAFB) – Senator Tammy Baldwin, Chair of the Senate Agriculture Appropriations Subcommittee, this week introduced bipartisan legislation to extend more relief to farmers and small businesses.
The PPP Flexibility for Farmers, Ranchers, and the Self-Employed Act offers changes to the Paycheck Protection Program. The bill includes a legislative fix authored by Senator Baldwin that would make critical changes to PPP loan calculations to allow self-employed farmers and ranchers to apply for more generous PPP loans based on their gross income, retroactively.
Under Baldwin’s legislation, any self-employed farmer, even those who already received a PPP loan based on their net income and got it forgiven, could now get a loan for the difference between the gross and the net income loan amounts.
WSF
U.S. Senator Tammy Baldwin, Chair of the Senate Agriculture Appropriations Subcommittee, introduced bipartisan legislation to extend more relief to Wisconsin farmers and small businesses through changes to the Paycheck Protection Program (PPP).
The PPP Flexibility for Farmers, Ranchers, and the Self-Employed Act includes a legislative fix authored by Senator Baldwin that would make critical changes to PPP loan calculations to allow self-employed farmers and ranchers to apply for more generous PPP loans based on their gross income, retroactively.
Under Baldwin’s legislation, any self-employed farmer, even those who already received a PPP loan based on their net income and got it forgiven, could now get a loan for the difference between the gross and the net income loan amounts. This relief to Wisconsin farmers would be extended retroactively to March 27th, 2020.