IARN — The U.S. Department of Agriculture (USDA) Tuesday announced that distressed borrowers with qualifying USDA farm loans have already received nearly $800 million in assistance, as part of the $3.1 billion in assistance for distressed farm loan borrowers provided through Section 22006 of the Inflation Reduction Act (IRA). The IRA has directed USDA to expedite assistance to borrowers of direct or insured loans administered by USDA’s Farm Service Agency (FSA) facing financial risk.
Tuesday’s announcement will begin the process of providing assistance to struggling agricultural loan borrowers using several complementary approaches. This is intended to preserve agriculture, remove the barriers that currently prevent many of these borrowers from returning to agriculture, and improve how the USDA deals with loans and provides services. With this support, USDA focuses on long-term stability and success for struggling borrowers.
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STOCK PHOTO: Ag Secretary Tom Vilsack virtually addresses the NAFB.
