1. Short title This Act may be cited as the Paycheck Protection for Producers Act . 2. Calculation of maximum loan amount for farmers and ranchers under the paycheck protection program (a) In general Section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) ) is amended— (1) in subparagraph (E), in the matter preceding clause (i), by striking During and inserting Except as provided in subparagraph (T), during ; and (2) by adding at the end the following: (T) Calculation of maximum loan amount for farmers and ranchers (i) Definition In this subparagraph, the term covered recipient means an eligible recipient that— (I) operates as a sole proprietorship or as an independent contractor, or is an eligible self-employed individual; (II) reports farm income or expenses on a Schedule F (or any equivalent successor schedule); and (III) was in business during the period beginning on February 15, 2019, and ending on June 30, 2019. (ii) No employees With respect to covered recipient without employees, the maximum covered loan amount shall be the lesser of— (I) the sum of— (aa) the product obtained by multiplying— (AA) the gross income of the covered recipient in 2019, as reported on a Schedule F (or any equivalent successor schedule), that is not more than $100,000, divided by 12; and (BB) 2.5; and (bb) the outstanding amount of a loan under subsection (b)(2) that was made during the period beginning on January 31, 2020, and ending on April 3, 2020, that the borrower intends to refinance under the covered loan, not including any amount of any advance under the loan that is not required to be repaid