The American Farm Bureau is once again calling for changes to the Paycheck Protection Program.
In December, Congress made changes that allowed self-employed farmers and ranchers to apply, but FB says that the Small Business Administration has been denying loans if those ag workers operate in a partnership or as a sole-owner LLC. The Bureau’s Congressional Relations Director says that goes against the intent of the program and the changes made by Congress.
According to Emily Buckman, “Farm Bureau believes that Congress intended that all self-employed farmers and ranchers should be eligible for PPP loans as another means to help navigate challenges caused by the pandemic. In many ways, this denial has caused picking winners and losers among those who are self-employed.”
She says that as long as ag producers file a Schedule F tax return, they should qualify, and calls it a “matter of fairness.”
Related:
Questions continue regarding the PPP program for farmers
Changes to PPP will benefit rural America
Ag CPA on increasing your PPP credit
PPP loans are one reason for the growth of farmer debt