LINCOLN, NEB. – Nebraska Farm Bureau is asking leaders in the U.S. House and Senate to push partisanship to the side and move quickly to boost funding for the Small Business Administration’s Paycheck Protection Program (PPP). Funding for the forgivable loan program ran out this week, a mere 48 hours after the administration provided rules on program participation for sole proprietors, including farmers and ranchers.
In an April 17 letter addressed to Speaker of the House Nancy Pelosi, House Minority Leader Kevin McCarthy, Senate Majority Leader Mitch McConnell, and Senate Minority Leader Chuck Schumer, Nebraska Farm Bureau President Steve Nelson asked for additional funding, as well as a number of clarifications be included in legislation so farm and ranch businesses could better utilize the program.
“It is imperative Congress respond quickly on this matter to help preserve our nation’s struggling economy,” said Nelson.
Among the clarifications Nelson requested are changes to the Small Business Administration’s final rule for sole proprietors that link PPP eligibility to IRS Schedule C rather than Schedule F or other forms regularly filed by farmers and ranchers.
“We’ve asked Congress to ensure that sole proprietors who file a Schedule F are clearly eligible to participate in the PPP program,” said Nelson. “In addition, we asked that profits from farm equipment trades that are reported on Form 4797 be include in the calculation of income for loan purposes.”
Nebraska Farm Bureau also asked that rental payments farmers and ranchers make on a variety of business-related items including equipment, land, and other items be an eligible expense in the program.
“The economic and health challenges facing our great country require courage and action. I know farmers and ranchers are up to the task of continuing to produce the food, fuel, and fiber for our nation and the world, but it’s critical Congress act quickly to pass legislation to provide funding and clarity for this vital COVID-19 relief measure,” said Nelson.
The Nebraska Farm Bureau is a grassroots, state-wide organization dedicated to supporting farm and ranch families and working for the benefit of all Nebraskans through a wide variety of educational, service, and advocacy efforts. More than 58,000 families across Nebraska are Farm Bureau members, working together to achieve rural and urban prosperity as agriculture is a key fuel to Nebraska’s economy. For more information about Nebraska Farm Bureau and agriculture, visit www.nefb.org.