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.