USDAUSDA Announces Final Installment of Assistance for Distressed Farm Loan Borrowers
USDA announced an additional approximately $300 million in assistance to distressed direct and guaranteed farm loan borrowers under Section 22006 of the Inflation Reduction Act. Over the past two years, USDA has assisted distressed borrowers with approximately $2.5 billion to help with retaining their land and continuing their agricultural operations. USDA expects this final round of automatic assistance to aid more than 12,800 distressed direct and guaranteed Farm Loan Programs (FLP) borrowers. These payments can help with outstanding delinquencies, interest payments, or next payments due for qualified borrowers. Eligibility is determined on a loan-by-loan basis. Distressed borrowers may be able to receive assistance under multiple categories if they have multiple direct or guaranteed loans that qualify; however, each qualifying loan may only receive one payment.