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.

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