Farmers assisted by the program have been found by the USDA to be distressed borrowers hard hit by pandemic-induced market disruptions exacerbated by more frequent, more intense, climate-driven nat…
By David Pitt | Associated Press
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.
Another $200 million has been used to immediately help 2,100 farm borrowers after their loans had been foreclosed but who still owed money and had their tax refunds and other resources taken by the U.S. Treasury. The money will be used to pay the money these farmers owe to give them a fresh start, Vilsack said. The USDA said farmers in this category received an average of $101,000.—7,000 farmers who during the COVID pandemic delayed loan payments to the end of their loans.
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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