NAFB News Service
The Department of Agriculture this week announced nearly $130 million in additional, automatic financial assistance for qualifying farm loan program borrowers facing financial risk.
The announcement is part of the $3.1 billion to help distressed farm loan borrowers provided through the Inflation Reduction Act.
Borrowers who received the automatic payments include Farm Service Agency direct loan borrowers whose interest exceeded principle owed on outstanding debts, borrowers who had a balance up to 60 days past due as of September 30, 2022, and borrowers with a recent restructure between February 28, 2020, through March 27, 2023, or who had accepted an offer to restructure on or before March 27, 2023, but had not yet closed that restructure.
FSA is accepting distressed borrower assistance requests from direct loan borrowers who missed a recent installment or cannot make their next scheduled installment.
USDA will continue to update borrowers and the public about new eligibility criteria.