The Department of Agriculture announced an additional $250 million in automatic payments for distressed direct and guaranteed farm loan borrowers under Section 22006 of the Inflation Reduction Act. With the assistance more than 4,600 producers across the country will see another production season, said Zach Ducheneaux, Farm Service Agency administrator. Some 4,650 financially distressed farmers who owe money on USDA direct and guaranteed loans will share $250 million in payments from the government. USDA said it has provided roughly $2.4 billion in assistance, including that announced last week, to 43,900 distressed borrowers with funding from the 2022 climate, healthcare, and tax law. The new round of money will go to borrowers who did not receive assistance previously. It would be split into $235 million for delinquent loans and $15 million for borrowers with shared appreciation agreements on their guaranteed loans.
Distressed agricultural borrowers get $250 million in USDA assistance
