Van Duyne Cosponsors Bipartisan Legislation to Expand PPP Access for Farmers and Ranchers
by Beth Van Duyne on March 4, 2021 at 11:00 AM
Last week, I cosponsored the bipartisan "PPP Flexibility for Farmers and Ranchers Act" introduced by Congressman Jim Hagedorn (MN-01), which would allow farmers and ranchers categorized as partnerships to utilize gross income when calculating maximum Paycheck Protection Program (PPP) loan amounts.
Our farmers and ranchers are a staple of the economy – especially in the great State of Texas. I’m proud to join my colleagues on both sides of the aisle in cosponsoring legislation that uplifts and strengthens our nation’s food suppliers and agricultural economy through expanded PPP access.
The CARES Act allowed for farmers and ranchers to apply for PPP loans by utilizing net income in their loan calculations. Unfortunately, this prevents many agricultural partnerships from receiving the maximum PPP loan possible. The legislation I cosponsored provides enhanced flexibility by allowing the use of gross income to calculate the maximum loan amount. The bill also includes a retroactive provision to enable producers, who initially used net income, to recalculate their PPP loans, as long as the loans have not been forgiven.
The legislation received public support from the American Farm Bureau Federation, National Cattlemen’s Beef Association, Farm Credit Council, CoBank, National Corn Growers Association, Independent Community Bankers of America, Compeer Financial, and American Sugar Alliance.
Reps. Blaine Luetkemeyer (MO-03), GT Thompson (PA-15), Henry Cuellar (TX-28), Dan Newhouse (WA-04), Austin Scott (GA-08), Rick Crawford (AR-01), Doug LaMalfa (CA-01), Pete Stauber (MN-08), Dan Meuser (PA-09), Jodey Arrington (TX-19), Don Bacon (NE-02), Elise Stefanik (NY-21), Clay Higgins (LA-03), Jim Baird (IN-04), John Moolenaar (MI-04), Brian Fitzpatrick (PA-01), Mike Rogers (AL-03), Trent Kelly (MS-01), David Kustoff (TN-08), Fred Upton (MI-06), Mike Turner (OH-10), Claudia Tenney (NY-22), Tracey Mann (KS-01), Darrell Issa (CA-50), Jason Smith (MO-08), Troy Balderson (OH-12), Rick Allen (GA-12), Michelle Fischbach (MN-07), Pete Sessions (TX-17), John Carter (TX-31), August Pfluger (TX-11), William Timmons (SC-04), Young Kim (CA-39), Ben Cline (VA-06), Lisa McClain (MI-10), Gregory Murphy, M.D. (NC-03), David Rouzer (NC-07), David Valadao (CA-21), John Rose (TN-06), Ronny Jackson (TX-13), Mike Kelly (PA-16), Randy Feenstra (IA-01), Tom Emmer (MN-06), Matt Rosendale (MT-AL), Kevin Hern (OK-01), Brian Babin (TX-36), Bob Gibbs (OH-07), Chris Stewart (UT-02), John Joyce, M.D. (PA-13), Fred Keller (PA-12), Byron Donalds (FL-19), Roger Williams (TX-25), and Cliff Bentz (OR-02) and I signed on as original cosponsors.