Washington, D.C. – Congresswoman Elise Stefanik is a cosponsor of the PPP Equity Act – bipartisan legislation led by Congresswoman Ashley Hinson (IA-01) that ensures farmers and self-employed business owners can receive the full Paycheck Protection Program (PPP) forgivable loan amount.
Previous modifications made by Congress and the Small Business Administration (SBA) to the PPP program allowed farmers, ranchers, and certain small businesses to recalculate their loans based on gross income rather than net profits, but had limitations on retroactivity. The PPP Equity Act would fix this disparity, allowing these groups to retroactively recalculate to receive the full loan amount available, regardless of their previous loan status.
“The Paycheck Protection Program and other SBA programs have been a lifeline to our farms and businesses as they overcame the financial challenges presented by the COVID-19 pandemic,” Congresswoman Stefanik said. “This bill fixes the calculations for all eligible farmers by allowing them to retroactively receive the full amount of funds they have qualified for, providing much needed stability for families throughout the North Country.”
Congresswoman Stefanik previously advocated for farmers to be included in Small Business Administration programs at the beginning of the COVID-19 pandemic, and has been a strong supporter of these programs.
Read more about the bill here.