Debt relief is on the way for farmers who are struggling financially
The U.S. Department of Agriculture has begun the process of relieving debt for farmers who are financially struggling.
It comes two months after President Biden’s Inflation Reduction Act was signed into law. According to the Agency, more than 13,000 people have received the funds, which totals $800 million of the amount under the IRA thus far. It includes more than 10,000 farmers with past-due direct and guaranteed farm loans.
Ag Secretary Tom Vilsack says farmers are not to blame for their hardship.
“Through no fault of their own, our nation’s farmers and ranchers have faced incredibly tough circumstances over the last few years. [The funding] helps keep our farmers farming and provides a fresh start for producers in challenging positions,” said Vilsack.
According to FSA Administrator Zach Ducheneaux, the average relief amount for borrowers is roughly $52,000 for direct loan borrowers and the average is $172,000 for guaranteed loan borrowers.
Story via Chandelis Duster with CNN.