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.
“Our bipartisan legislation will extend more relief and offer flexibility to Wisconsin’s self-employed farmers so the PPP better serves their needs. 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. With my legislative fix to the PPP, Wisconsin farmers will now have an opportunity to receive an increased benefit with more generous loans,” said Senator Baldwin. “It’s important that we continue our work across party lines in the Senate and pass this bipartisan legislation now so our hard working farmers and small businesses have the support they need to get past this economic crisis and move forward."
In addition to Senator Baldwin, the bipartisan legislation was introduced by U.S. Senate Committee on Small Business & Entrepreneurship Chair Ben Cardin (D-MD), and Senators James Lankford (R-OK), Susan Collins (R-ME), Angus King (I-ME), Rob Portman (R-OH), and Roger Marshall (R-Kan.). House Small Business Committee Chair Nydia Velázquez (D-NY) introduced similar legislation in the House.
Click here for a section-by-section summary of the bill.