Hoeven Joins Bipartisan Effort to Ensure Farmers and Ranchers Are Eligible for Paycheck Protection Program Loans
WASHINGTON – Senator John Hoeven, Ranking Member of the Senate Agriculture Appropriations Committee and a member of the Senate Agriculture Committee, joined Senators Tammy Baldwin (D-Wis.) and John Thune (R-S.D.) in sending a letter to the U.S. Department of the Treasury and the Small Business Administration (SBA) calling for new clarifications that would ensure farmers and ranchers are eligible for Paycheck Protection Program (PPP) loans. Hoeven joined the effort after hearing concerns from farmers and ranchers in North Dakota about how the provisions of the Consolidated Appropriations Act, 2021 intended to assist farmers and ranchers with eligibility for PPP were being implemented by Treasury and SBA.
“Many farmers and ranchers in our states and districts organized as partnerships or limited liability companies have been unable to apply for loans under the new calculation because of the confusion around this narrow interpretation even though they file self-employment income on a tax form Schedule F,” the senators wrote. “Therefore, we urge you to act as swiftly as possible to clarify that all farmers and ranchers reporting self-employment income on tax form Schedule F can access this new formula created by Sec. 313. Our offices stand ready to provide any additional information you may need to clarify this provision of the bill.”
Others joining Hoeven, Baldwin and Thune in sending the letter include Senator Joni Ernst (R-Iowa) and Rep. Ron Kind (D-Wis.).
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