Hagedorn introduces PPP Flexibility for Farmers and Ranchers Act
A member of the House Ag Committee has introduced legislation to provide farmers more flexibility when utilizing the Paycheck Protection Program.
Minnesota Republican Jim Hagedorn tells Brownfield his bill would allow farms and ranches categorized as partnerships, like LLC’s, to use gross income when calculating maximum PPP loan amounts.
“I mean the whole concept here is to make sure that we can sustain our businesses, including our farms, farmers, and agribusinesses throughout this pandemic. And we’re going to give them every tool in the shed in order to get it done.”
Loan amounts to ag partnerships are currently based on net income, which Hagedorn says prevents many farmers from receiving the highest loan possible.
“The whole point is (to) give them a choice. So whatever works best for the farmer and for the farm organization, we’ll do that.”
Hagedorn says the PPP Flexibility for Farmers and Ranchers Act has bipartisan support. It is also supported by farm organizations like the National Corn Growers Association.