PPP Flexibility for Farmers and Ranchers — Congressional Record, House, Page H737 (February 26, 2021)

Summary

House page H737 of the Congressional Record for Friday, February 26, 2021 prints a one-minute speech by Hagedorn headed "PPP Flexibility for Farmers and Ranchers". Hagedorn says the CARES Act let farmers and ranchers apply for the Paycheck Protection Program using only net income, which kept many agricultural partnerships from the maximum loan amount. The PPP Flexibility for Farmers and Ranchers Act, introduced that day, allows gross income to be used and lets farm partnerships that used net income recalculate unforgiven PPP loans. Hagedorn asks Members to cosponsor the bill.

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Full text

[Congressional Record Volume 167, Number 37 (Friday, February 26, 2021)]
[House]
[Page H737]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

                              {time}  0915
                PPP FLEXIBILITY FOR FARMERS AND RANCHERS

  (Mr. HAGEDORN asked and was given permission to address the House for
1 minute.)
  Mr. HAGEDORN. Mr. Speaker, the CARES Act allowed farmers and ranchers
to apply for the Paycheck Protection Program by utilizing only net
income in their loan calculations. This has prevented many agricultural
partnerships from receiving the maximum loan amount possible.
  My bipartisan bill that I have introduced today, the PPP Flexibility
for Farmers and Ranchers Act, allows the use of gross income to
calculate the loan and includes a retroactive provision to enable farm
partnerships that initially used net income to recalculate unforgiven
PPP loans.
  Ag producers throughout the Nation have suffered greatly from
historic drops in demand during the pandemic. As we push to reopen our
economy, we must ensure that our farmers and ranchers have access to
the resources needed to maintain operations through the end of the
pandemic.
  I am grateful to my colleagues and an array of national agricultural
groups who join me in this commonsense effort to boost our farmers,
ranchers, and agricultural economy.
  I encourage Members to cosponsor my bill.

                          ____________________

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