Spanberger, Hinson Introduce Bipartisan Legislation to Get Farmers, Small Businesses Full PPP Loan Amounts

The PPP Equity Act Would Allow Farmers, Ranchers, & Qualifying Small Businesses to Retroactively Receive Their Full Forgivable Loan Amount

WASHINGTON, D.C.  – U.S. Representatives Abigail Spanberger and Ashley Hinson (R-IA-01) today introduced the Paycheck Protection Program (PPP) Equity Act, legislation that would ensure farmers, ranchers, and self-employed small businesses can receive their full PPP forgivable loan amount.

Previous modifications made by Congress and the U.S. Small Business Administration to the PPP program allowed farmers, ranchers, and certain small businesses to re-calculate their loans based on gross income rather than net profits but had limitations on retroactivity. The PPP Equity Act would fix this disparity, allowing these groups to retroactively recalculate to receive the full loan amount available, regardless of their previous loan status.

“I know firsthand how PPP has been a lifeline for many businesses in Central Virginia. As we work together to rebuild our economy, I’m committed to finding new ways to cut red tape and ensure small businesses, sole proprietors, and farms have access to the PPP funds they deserve,” said Spanberger. “This bipartisan legislation makes a commonsense fix to the program that would allow eligible, local businesses to recalculate their loan amount and receive the funds to which they’re entitled. I’m glad to introduce the PPP Equity Act with Congresswoman Hinson and to address an ongoing disparity in our communities.”

“I have heard from many Iowa small businesses and farmers who have been unable to get their full PPP loans due to a bureaucratic oversight. This bipartisan solution will ensure that Iowans have the resources they need to persevere through this pandemic,” said Hinson.

The PPP Equity Act has been endorsed by the National Federation of Independent Businesses.

###

Recent Posts


Spanberger Presses Social Security Administration to Address Backlogs & Delays Impacting Virginians

Current Average National Wait Times for an Initial Disability Decision, Reconsideration Decision, & Hearing Decision Range from 229 to 361 Days WASHINGTON, D.C. — U.S. Representative Abigail Spanberger yesterday pressed the Social Security Administration (SSA) to address backlogs and delays impacting Virginians after receiving an increase in casework requests related to SSA wait times on initial […]



Jul 11, 2024
Local Issues

Spanberger, Virginia Lawmakers Issue Statement on Meeting with Postmaster General DeJoy to Discuss Postal Service Delays

WASHINGTON, D.C. — U.S. Representative Abigail Spanberger and a bipartisan group of Virginia congressional lawmakers released the following statement after meeting with U.S. Postmaster General Louis DeJoy to receive a status update on the U.S. Postal Service’s (USPS) ongoing work to improve service in Virginia while implementing new efficiency reforms. The meeting was attended by […]



ICYMI: Spanberger, Local Police Chiefs Host Public Safety-Focused Telephone Town Hall

Spanberger Was Joined by Prince William County Chief of Police Peter Newsham & Culpeper Chief of Police Chris Settle WASHINGTON, D.C. — U.S. Representative Abigail Spanberger — a former federal law enforcement officer — last night hosted an open, public telephone town hall focused on addressing community safety concerns and fostering dialogue between residents of Virginia’s […]