Bishop Introduces Farmers’ Loan Flexibility Bill
WASHINGTON, D.C.—Congressman Dan Bishop (NC-09) introduced the Expanding Assistance to Farmers Act of 2020, which broadens farmers' use of Paycheck Protection Program (PPP) loans toward essential rental equipment.
"Farmers across North Carolina have been hit hard by the coronavirus pandemic yet continue to provide food for our communities. By expanding the use of PPP loans, farmers can use the funds for what they need to continue day-to-day operations that all Americans rely on," said Rep. Bishop.
"Our family farmers and producers are small businesses, too, and there's no reason they should be concerned about whether they can use their small business aid to cover some of their basic business expenses," said Rep. Abby Finkenauer (IA-1). "Whether they're located on Main Street, or down a dirt road, we must stand up for our small businesses and help them through this historic crisis. The Expanding Assistance to Farmers Act of 2020 is bipartisan, commonsense legislation that ensures fairness in one of our most important coronavirus-relief programs," Finkenauer said. "I'm grateful to Congressman Dan Bishop for working with me on this legislation, and I urge my colleagues to move quickly to pass it into law. Our farm families need certainty and they simply cannot afford to wait."
"The Paycheck Protection Program is providing vital assistance to farmers and ranchers who were able to receive loans," said Zippy Duvall, President of the American Farm Bureau Federation. "While this program has been helpful, additional changes can make it even more effective for farmers and ranchers to participate by extending loan forgiveness for rental expenses on agriculture equipment, land and buildings. Farm Bureau commends Congressman Dan Bishop and Congresswoman Finkenauer for providing much-needed assistance to agricultural producers."
Congress passed measures to aid small businesses—including farms—as they face the economic ramifications of the coronavirus pandemic. The Expanding Assistance to Farmers Act of 2020 was introduced on July 16, 2020. If passed, the bill would amend the Small Business Act and the CARES Act to allow farmers to use their PPP loans on rental equipment used for agribusiness.
The full text of the bill can be found here.