Source: POLITICO'S MORNING AGRICULTURE, 6/2/20

The ag industry and its allies in Congress pushed hard to make sure that farmers and ranchers could benefit from the $670 billion Paycheck Protection Program, which offers forgivable loans to small businesses that keep their workers on the payroll for eight weeks. Now, lawmakers are on track to ease the restrictions surrounding how employers use the loans, reports Pro Financial Services’ Zachary Warmbrodt.

Senate Majority Leader Mitch McConnell said the chamber would soon take up the House-passed legislation that would give borrowing businesses extra time to spend the money and more flexibility to use it on a variety of expenses. If no senators raise objections, the Senate might quickly pass the legislation by unanimous consent, according to a Republican aide.

The restaurant industry has furiously lobbied Congress and the administration to make such changes to the PPP loans, a centerpiece of Washington’s economic rescue packages. Farms with fewer than 500 employees also qualify for the program, though it wasn’t designed with agriculture in mind.

By the numbers: Businesses in agriculture, forestry, hunting and fishing have received nearly $7.6 billion so far in PPP loans, according to the Small Business Administration. That’s 1.5 percent of the $510 billion approved by the agency as of May 30. Other sectors like health care, construction and professional services had each received more than $50 billion in loans.