Thune, Baldwin Request Guidance for Producers Applying for Second Paycheck Protection Program Loans
WASHINGTON — U.S. Sens. John Thune (R-S.D.) and Tammy Baldwin (D-Wis.) today urged the U.S. Department of Treasury and the U.S. Small Business Administration to issue guidance excluding Coronavirus Food Assistance Program (CFAP) payments from farmers’ and ranchers’ 2020 gross receipts for purposes of obtaining a second draw loan through the Paycheck Protection Program (PPP).
“Recognizing the significant market volatility and financial hardships farmers and ranchers across the country faced because of the coronavirus pandemic, last year Congress provided the U.S. Department of Agriculture (USDA) authority and funding to support producers,” the senators wrote. “As a result, USDA established CFAP, which provided critically needed financial assistance to producers to ensure they were able to continue providing our nation with a safe and abundant food supply. Therefore, we respectfully request that you clarify through additional guidance or an FAQ that CFAP payments provided to farmers and ranchers in 2020 do not count toward gross receipts for purposes of demonstrating a 25 percent reduction in revenue in 2020 compared to 2019.”
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