U.S. farmers receive nearly $800 million in loan relief
US farmers have received $800 million in loan assistance from the Department of Agriculture (USDA) to counter inflation in economic tough times,
This was announced on Tuesday by Agriculture Secretary Tom Vilsack and Deputy Secretary Jewel Brough.
The new law provides $3.1 billion for the USDA to adjust loan payments or make loan adjustments for farmers in financial distress.
USDA has paid the dues
and will pay the loan installment due for about 11,000 farm owners right now
who was in arrears of at least 60 days on his guaranteed and direct loans as of September
The USDA also paid off outstanding loans on about 2100 farmers who were foreclosure-ed but had money due.
The agency said that when farmers are in the process of filing for foreclosure or bankruptcy,
So the USDA will manage another $500 million to help farmers with more difficult financial issues.
Click below to know more about Farming
If you like this story, then like and share it, and for other information related to agriculture, visit our website upagriculture.in.