It is a waiting game for FSA loans

USDA announced they are not ready to share debt relief details for delinquent Farm Service Agency borrowers.

Agriculture Secretary Tom Vilsack announced details on debt relief for distressed farmers will likely have to wait until at least October. He notes that the debt relief programs passed by Congress in the Inflation Reduction Act are completely different from the ones passed last year in the American Rescue Plan.

The Inflation Reduction Act provides $3.1 billion for loan payments or modifications to farmers considered distressed borrowers of FSA direct or guaranteed loans. Since January 2021, USDA has suspended debt collections, foreclosures, and other legal action against more than 12,000 borrowers who had delinquent direct or guaranteed FSA loans.

Vilsack says USDA is now looking at how to help those producers once the moratorium is lifted.

Related:

Sec. Vilsack praises ag spending in the Inflation Reduction Act

Farm CPA details senators’ letter to FSA to fix Emergency Relief Program’s issues

Steps you should take when certifying acres with FSA






LATEST STORIES BY THIS AUTHOR:

Taste the heat and heart of country music in every mouthful!
More than 80 dairy herds have been infected with the virus across 11 states since late March.
As hog prices face potential decline, pork producers are dealing with a surge in litter rates, complicating efforts to control production.
In February, farmers experienced a slight increase in prices, though it fell short of surpassing last year’s numbers.
According to a new USDA-ERS report, technological advancements in agriculture led to significant output increases while reducing input usage for producers.
The prospect of reintroducing grizzly bears in Washington’s North Cascades has ignited a contentious debate, pitting conservation efforts against the concerns of local farmers and ranchers.