Congress working to include more farmers in Paycheck Protection Program
Replenishing and revising the Paycheck Protection Program to
open eligibility for more farmers is reportedly a priority for Congress as they
return to Washington D.C. this week.
Congressman John Cornyn of Texas told Fox News there was a sense
of urgency in creating the PPP to help small businesses stay open, but a lot of
farmers were left out.
Cornyn says 86% of US farmers currently do not qualify for a
PPP loan because they are self employed and lost money in 2019 from the trade
wars. The rules currently say “businesses with no employees and zero or
negative net income are ineligible”. He is asking Congress to change the
wording to increase the eligibility of sole proprietors.
The American Farm Bureau Federation has also requested the
change in the next coronavirus relief package.
Fox News reports Senate Majority Leader Mitch McConnell hopes to pass the next relief package by the end of the month.