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Farm Credit and Agribusiness Highlights from the Coronavirus Response and Relief Supplemental Appropriations Act | Nexsen Pruet, PLLC


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The Farm Credit Group here at Nexsen Pruet has compiled the highlights from the Coronavirus Response and Relief Supplemental Appropriations Act (recently passed as part of the Consolidated Appropriations Act of 2021) that would pertain to those in the farm credit and agribusiness realm. 
There were many substantial changes to the Paycheck Protection Program (PPP), which are discussed at length in our other articles. However, the following two highlights are notable:
1. Section 313 “Calculation of Maximum Loan Amount for Farmers and Ranchers under the Paycheck Protection Program” establishes a specific loan calculation for the first round of PPP loans for farmers and ranchers who operate as a sole proprietor, independent contractor, or self-employed individual, who report income and expenses on a Schedule F and were in business as of February 15, 2020. These entities may utilize their gross income in 2 ....

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