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Issa Endorses Greater Access to Paycheck Protection Program (PPP) Loans for Small Farmers and Ranchers

Statement

Date: Feb. 26, 2021
Location: Washington, DC
Issues: Entitlements and the Safety Net Agriculture and Food

Congressman Darrell Issa (CA-50) released the following statement after the introduction of the PPP Flexibility for Farmers and Ranchers Act -- which he is an original cosponsor of -- to improve access to PPP loans and give farmers and ranchers the relief they need:

"COVID-19 has caused historic disruption to our agricultural markets, and while our growers and producers continue to heroically endure and feed our nation, they have experienced tremendous economic hardship. This bill will enhance their ability to access the Paycheck Protection Program (PPP) small business loans."

The legislation would enable farmers and ranchers categorized as a partnership to report either gross or net income for the purposes of calculating their maximum Paycheck Protection Program (PPP) loan amount. Currently, the U.S. Small Business Administration only allows for net income to be considered.

Outside organization supporting the bill include: The American Farm Bureau Federation, The National Cattlemen Beef Association, The Farm Credit Council,CoBank, The National Corn Growers Association (NCGA), The Independent Community Bankers of America (ICBA), The American Sugar Alliance, and Compeer Financial.


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