Thompson co-introduces bill to help farmers access loans
U.S. Rep. Glenn Thompson and other lawmakers on Thursday introduced bipartisan legislation to expand access to Paycheck Protection Program (PPP) loans for farmers and ranchers.
The PPP was created by Congress under the Coronavirus Aid, Relief, and Economic Security (CARES) Act in order to assist small businesses keep employees on payroll and cover other business-related expenses, helping them weather the economic damages caused by COVID-19.
According to a news release from Thompson's office, the legislation would allow producers filing a Schedule F to use their gross 2019 income (up to $100,000) when calculating their PPP loan rather than net income, expanding eligibility to more farmers and ranchers.
"Family farms and essential farm workers across the country have been working around the clock through the COVID-19 pandemic to ensure the continuity of the food supply chain, yet many have been determined ineligible to participate in the Paycheck Protection Program," Thompson said.
"We owe these folks a great deal of gratitude and the Paycheck Protection for Producers Act will allow these producers to be on even footing with every other American small business."