Qualifying farm loan borrowers facing financial risk can take advantage of over $120 million in automatic federal financial assistance, according to the US Department of Agriculture.
Qualifying direct-loan borrowers through the Farm Loan Program either have received or will receive letters from the government specifying the financial help to come. Eligibility for new categories of automatic payments has already been determined.
The USDA says this is part of the $3.1 billion allocated to help distressed producers as part of the Inflation Reduction Act. It is connected to a program offered back in October, where about $800 million was paid to more than 11,000 delinquent borrowers and another 2,100 borrowers who had their farms liquidated and still owed money.
