Stefanik cosponsoring Paycheck Protection for Producers Act
Congresswoman Elise Stefanik’s office says she is cosponsoring the Paycheck Protection for Producers Act.
Her office calls the bill “bipartisan legislation that will allow agricultural producers more flexibility when calculating their Paycheck Protection Program (PPP) loan.”Stefanik spokespeople say the bill will allow producers to use their 2019 gross income rather than net income when calculating their PPP loan, therefore expanding eligibility to more farmers. Her office says Stefanik “has previously worked directly with the Department of Treasury and SBA to ensure that farmers have access to these important programs as a result of the COVID-19 pandemic.”
“I have spoken with countless farmers throughout the last few months who are truly facing an unprecedented challenge in responding to the COVID-19 crisis,” Stefanik, R-Schuylerville, said in a prepared statement. “I am proud to cosponsor this critical legislation to ensure that our farmers are given more flexibility with PPP loans. Many of our North Country farmers have utilized this program, and I will continue to advocate for them as they perform essential services and provide our communities with essential agricultural products.”