Farmers will get $3.1 billion in USDA loan relief from Biden
CBSN
The federal government announced Tuesday a program that will provide billions of dollars 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 earlier this year and signed by President Biden in August.
"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."
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