Legislation introduced could give more benefits, relief to Wis. farmers
MADISON, Wis. (WMTV) - Legislation introduced by members of the U.S. Senate Committee on Small Business & Entrepreneurship Wednesday, including U.S. Sen. Tammy Baldwin, would provide more benefits and relief to Wisconsin farmers.
The PPP Flexibility for Farmers, Ranchers, and the Self-Employed Act would allow any self-employed farmer to get a loan for the difference between the gross and net income loan amounts, according to Sen. Baldwin. Farmers can apply even if they already received a PPP loan and got it forgiven.
Baldwin explained that prior to a change she made to allow famers to receive PPP loans based on their retroactive gross income, farmers received smaller loans based on their 2019 net income or were not eligible at all.
“With my legislative fix to the PPP, Wisconsin farmers will now have an opportunity to receive an increased benefit with more generous loans,” said Baldwin. “It’s important that we continue our work across party lines in the Senate and pass this bipartisan legislation now so our hard working farmers and small businesses have the support they need to get past this economic crisis and move forward.”
The committee who introduced the legislation includes Chair Ben Cardin (D-MD), Senator James Lankford (R-OK) and Senator James Lankford (R-OK).
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