The money is the first round of payments designed to help farmers hard hit by pandemic-induced market disruptions or climate-driven natural disasters, including drought.
DES MOINES, Iowa — 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.
"Through no fault of their own, our nation's farmers and ranchers have faced incredibly tough circumstances over the last few years," said Agriculture Secretary Tom Vilsack."The funding included in today's announcement helps keep our farmers farming and provides a fresh start for producers in challenging positions."
—1,600 farmers that face bankruptcy or foreclosure will get help on a case-by-case basis with individual meetings to assess their problem and find solutions at a cost of $330 million. The remainder of the $3.1 billion will be used to help relax unnecessary loan restrictions and provide further assistance to be announced later, the USDA said.
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