The federal government announced Tuesday a program that will provide $1.3 billion in debt relief for about 36,000 farmers who have fallen behind on loan payments or face foreclosure.
The U.S. Department of Agriculture announced the farm loan relief program funded from $3.1 billion set aside in the Inflation Reduction Act allocated toward assisting distressed borrowers of direct or guaranteed loans administered by USDA. The law was passed by Congress and signed by President Joe Biden in August.
About 11,000 farm borrowers delinquent on direct or guaranteed loan payments for 60 days or longer are receiving automatic electronic payments to get them current on their loans. Each farmer with a direct loan received about $52,000 and those with guaranteed loans received about $172,000. The total cost for this group is nearly $600 million.
—14,000 financially distressed farm borrowers facing cash flow problems who ask for help to avoid missing a loan payment will receive additional assistance. Vilsack said these issues could be brought on by drought or by low levels on the Mississippi River that is slowing barge traffic causing grain transportation issues. Up to $175 million will be available for this program.
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