Sen. Marshall Introduces Bipartisan Bill to Extend PPP Benefits to Farmers and Ranchers
(Washington, D.C., April 21, 2021) – U.S. Senator Roger Marshall took further action on his efforts to ensure farmers, ranchers, and self-employed Americans receive much needed relief through changes to the Paycheck Protection Program (PPP). The bipartisan PPP Flexibility for Farmers, Ranchers, and the Self-Employed Act, which Senator Marshall worked on with Small Business Committee Chairman Ben Cardin (MD) includes Marshall’s provisions and would make critical changes to PPP loan calculations and allow small businesses to apply for increased benefits.
“It’s no secret our nation’s farmers and ranchers have faced incredible difficulties through the COVID-19 pandemic. Unfortunately, certain farm and ranch partnerships, many of which are small family run business, were left out of changes made to the SBA’s Paycheck Protection Program in December. This bipartisan legislation lets farmers categorized as a partnership use gross income rather than net income when applying for COVID relief,” said Senator Marshall. “When it comes to PPP, we must ensure no farmers or ranchers are left behind, and want to thank Chairman Cardin for including my provisions in this important legislation.”
Last month, Senator Marshall introduced legislation that would allow farmers and ranchers categorized as a partnership (including LLPs, S-Corps, etc.) to utilize gross income when calculating their PPP maximum loan amount. In December, Congress made changes to allow farmers to use gross income in calculating their PPP Loan. These changes were helpful and provided assistance for much of the agriculture industry. Unfortunately, certain farm and ranch partnerships were left out of changes made to the program in December, prompting action from Senator Marshall. Click HERE for more information. You may watch Senator Marshall announce this legislation as an amendment on the floor of the U.S. Senate by clicking HERE or on the image below.
Under the PPP Flexibility for Farmers, Ranchers, and the Self-Employed Act, newly eligible sole proprietor and self-employed farmers and ranchers who applied for PPP using the old calculation would be allowed to recalculate to obtain the increased benefit. Recent changes to PPP also allows sole proprietors to use gross rather than net income when applying for loans—enabling applicants to receive larger loans.
The legislation also includes provisions to increase flexibility by amending the revenue loss reduction time period for second draw loans and easing rules for seasonal employers.
Click here for a section-by-section summary of the bill.