Self-employed businesses, as well as farm and ranch partnerships, would be eligible for larger pandemic relief loans under a bill introduced Tuesday by a bipartisan group of senators.
The bill would allow farm and ranch partnerships to apply for Paycheck Protection Program loans using “gross income” on their tax returns to get larger loans. The measure would also allow self-employed businesses to retroactively receive larger loans.
- The bill comes after the Small Business Administration changed its rules to allow sole proprietors to use the gross income calculation. But the rules didn’t apply retroactively, meaning many businesses missed out.
- The bill...