Paycheck Protection Program improvements made in latest COVID relief bill
Farmers should reap more benefits from the Paycheck Protection Program with improvements made in the latest COVID-19 relief package.
Pat Wolff, senior director of congressional relations with the American Farm Bureau, says previously the Treasury Department cancelled Congress’ intent to provide loans through the program tax-free.
“That is one thing that got fixed in the bill that passed last week and was signed into law by the President.”
She says the latest COVID relief bill also expanded the list of items PPP loans can be used for.
“The bill added personal protective devises, so now when a farm employer has to buy special gear or make accommodations for workers to stay safe, they can use PPP loans for that and have the repayment forgiven.”
The program is designed to help small businesses stay open and keep employees on the payroll through the pandemic by providing loans for things like wages, mortgages, rent and utilities.