USDA announces $1 billion debt relief for 36,000 farmers

[riversedge]

It is not only students who are getting debt relief.


USDA announces $1 billion debt relief for 36,000 farmers
The federal government has announced a program to provide $1.3 billion in debt relief for about 36,000 farmers who have fallen behind on loan payments or face foreclosure

https://www.ottumwacourier.com/news/business/usda-announces-1-billion-debt-relief-for-36-000-farmers/article_e2b3112c-0727-5d54-a95c-b47f7b3871f0.html?utm_campaign=blox&utm_source=twitter&utm_medium=social


By DAVID PITT - Associated Press Oct 19, 2022


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DES MOINES, Iowa (AP) — 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.

The USDA provides loans to about 115,000 farmers and livestock producers who cannot obtain commercial credit. Those who have missed payments, are in foreclosure or are heading toward default will get help from the USDA. Financial difficulties for farmers may be caused by a variety of issues including drought and transportation bottlenecks.

“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.”

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. Farmers who received this help will get a letter informing them that their payments have been made and they will remain current until their next annual payment is due in 2023, Vilsack said.,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

[Wounded Bear]

1. K & R...nt

[DURHAM D]

2. and they will all vote Republican

[progressoid]

4. Sadly, that's likely true.

[DURHAM D]

5. I am sure the farmers would deny that this is socialism.

[durablend]

9. And say they could've gotten more...

If those "damned leeching college students" hadn't gotten debt relief.

[walkingman]

3. I don't agree with this at all. I live in rural Texas and raise cattle - the govt handous are often

and plentiful and I know of very few poor farmers or ranchers. The local Farm Service Agency (FSA) makes sure everyone knows about them and they all vote GOP.

How about some aid to TEACHERS??

[Celerity]

6. Rethug voting farmers getting greased.

smdh

Each farmer with a direct loan received about $52,000 and those with guaranteed loans received about $172,000.

Yet they likely screamed soshulism!! when the possibilty came about that some people may get 10 to 20K usd student debt relief.

I say possibility as there is a chance the RW courts may block Biden.

[sarcasmo]

7. Republicans are filing lawsuits to stop this, right?

[riversedge]

8. 3...2....1.....but this is Agrobusiness............

Probably NOT