WASHINGTON — The U.S. Department of Agriculture announced Aug. 11 that it will begin providing additional, automatic financial assistance for qualifying guaranteed Farm Loan Programs borrowers who are facing financial risk. The announcement is part of the $3.1 billion to help certain distressed farm loan borrowers that was provided through Section 22006 of the Inflation Reduction Act.
Since the Inflation Reduction Act was signed into law by President Biden last August, USDA has provided approximately $1.15 billion in assistance to more than 20,000 distressed borrowers as a part of an ongoing effort to keep borrowers farming, remove obstacles that currently prevent many borrowers from returning to their land and improve the way that USDA approaches borrowing and loan servicing in the long-term.
The financial assistance announced Aug. 11 will provide qualifying distressed guaranteed loan borrowers with financial assistance similar to what was already provided to distressed direct loan borrowers. Based on current analysis, this new financial assistance will assist an estimated approximately 3,500 eligible borrowers, subject to change as payments are finalized.
For more information on the program qualifications, contact your local Farm Service Agency office.
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