Relief to the tune of $800 million has now been awarded to farmers and ranchers across the country, according to a new report just released by the federal Department of Agriculture. In a statement, Tom Vilsack, Agriculture Department Secretary, said the funding has helped to “keep our farmers farming,” while providing a “fresh start for producers in challenging positions.” The funding is coming out of a larger $3.1 billion pool that is part of the Inflation Reduction Act approved by Congress and signed into law by President Biden in August. As of mid-October, more than 13,000 individual farm loans have been approved by the agency, targeting assistance specifically to borrowers who had received loans via the Agriculture Department’s Farm Service Agency. Of those 13,000 loans, roughly 11,000 resulted in formerly delinquent borrowers being able to bring their accounts up to date. At the same time, according to a press released issued by the Agriculture Department, roughly 2,000 borrowers who have had their farms foreclosed on while remaining in debt, “have had this debt resolved in order to cease debt collections and garnishment, relieving that burden.” Plans currently call for the Department of Agriculture to administer up to $66 million in separate automatic payments, using existing pandemic relief funds. That funding will target up to 7,000 borrowers who had earlier received Farm Service Agency assistance. The Agriculture Department’s moves have proven popular with various segments of the nation’s agricultural industry. Billy Hackett, policy specialist with the National Sustainable Agriculture Coalition, characterized the agency’s assistance efforts as “historic in scale and scope,” establishing a “foundational precedent to aid underserved farmers who have long trod an uncertain path.” In August, Vilsack also announced that the Agriculture Department was releasing some $300 million for farmers to purchase land and take on capital projects. By Garry Boulard
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