The Nebraska Farm Bureau has sent a list of priority requests they have for Congress to consider as they draft the next Coronavirus Assistance Relief package. President Steve Nelson says there are reforms that need to be made to both the SBA’s Paycheck Protection and Economic Injury Disaster Loan programs. He says the main thing producers need is direct federal payments for their COVID 19 related losses.
He says for a successful relief program to happen for producers there needs to be better understanding from the Small Business Administration as to how agriculture works and how they best can help them..
Nelson says its critical that SBA officials make sure their assistance programs don’t negatively impact producers ability to secure loans from local lenders.
Nelson says some of the reforms they’re recommending include: allowing sole proprietors to apply based on gross receipts to allow those with negative income figures to qualify for the program. Also ensure that all expensed paid with PPP loan funds be eligible for a business income tax deduction., Also making all business related rental payments eligible for loan forgiveness.
