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Baldwin Co-Sponsors Bill to Improve PPP Loans for Farmers
Wisconsin Ag Connection - 06/10/2020

U.S. Senators Tammy Baldwin of Wisconsin and John Thune from South Dakota introduced legislation that would revise the way producers calculate their Paycheck Protection Program loan award applications. The PPP was established to help struggling businesses during the Coronavirus pandemic by providing forgivable loans to meet payroll and other expenses. But since a lot of farmers don't show a profit on their tax returns, some do not meet financial criteria to qualify for assistance.

"I've heard from family farmers who are fighting every day to make it through this crisis. They are falling through the cracks in the Paycheck Protection Program, and that's not right," Baldwin said. "Now more than ever, we must get federal support to the Wisconsin family farmers who need it."

The measure would allow producers filing a Schedule F on their tax returns to use their 2019 gross income (up to $100,000) when calculating their PPP loan rather than net income since many producers showed a loss on their 2019 taxes due to the wet planting season and low commodity prices.

PPP was developed by Congress in the Coronavirus Aid, Relief, and Economic Security, or (CARES) Act, to help small businesses that have less than 500 employees.


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