commit 9da3678386353d8171d725aa4087bf1178cc2b4c Author: wilsoni537427 Date: Sat Dec 13 22:48:21 2025 +0800 Add USDA Announces Additional Assistance For Distressed Farmers Facing Financial Risk diff --git a/USDA-Announces-Additional-Assistance-For-Distressed-Farmers-Facing-Financial-Risk.md b/USDA-Announces-Additional-Assistance-For-Distressed-Farmers-Facing-Financial-Risk.md new file mode 100644 index 0000000..e3290b4 --- /dev/null +++ b/USDA-Announces-Additional-Assistance-For-Distressed-Farmers-Facing-Financial-Risk.md @@ -0,0 +1,21 @@ +
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USDA Announces Additional Assistance for Distressed Farmers Facing Financial Risk
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WASHINGTON, March 27, 2023 - The U.S. Department of Agriculture (USDA) today revealed that starting in April it will offer roughly $123 million in extra, automatic financial help for certifying farm loan program borrowers who are [facing financial](http://www.avcgr.com) risk, as part of the $3.1 billion to help distressed farm loan customers that was supplied through Section 22006 of the Inflation Reduction Act (IRA). The announcement builds on financial help provided to borrowers through the very same program in October 2022.
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The IRA directed USDA to speed up help to distressed borrowers of direct or surefire loans administered by USDA's Farm Service Agency (FSA) whose operations face financial threat. For instance, in the October payments, farmers that were 60 days overdue due to challenges like natural catastrophes, the pandemic or other unanticipated circumstances were brought current and had their next installation paid to provide breathing space.
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"In a lot of cases, the rules surrounding our farm loan programs may actually be damaging to helping a customer return to an economically practical course. As a result, some are pressed out of farming and others stuck under a debt burden that avoids them from growing or responding to chances," stated Agriculture Secretary Tom Vilsack. "Loan programs for the most recent and more vulnerable producers should be about offering chance and tailored to expect and handle stumbles and difficulties along the way. Through this assistance, USDA is concentrating on generating long-term stability and success for distressed debtors."
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In October 2022, USDA offered around $800 million in initial IRA support to more than 11,000 delinquent direct and ensured borrowers and around 2,100 customers who had their farms liquidated and still had remaining debt. USDA shared that it would conduct case-by-case evaluations of about 1,600 complex cases for possible preliminary relief payments, consisting of cases of borrowers in foreclosure or bankruptcy. These case-by-case reviews are underway.
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At the same time in October 2022, USDA revealed that it expected payments utilizing separate [pandemic](https://propdukaan.in) relief [funding amounting](https://westminster-re.com) to approximately $66 million on over 7,000 direct loans to customers who utilized the USDA Farm Service Agency's disaster-set-aside choice throughout the COVID-19 pandemic. Most of these payments have actually been processed and USDA anticipates it will complete all such payments in April 2023.
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New [Assistance](https://utahoffice.space) for Distressed Borrowers
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FSA means to offer the brand-new round of relief beginning in April to extra distressed borrowers. This will include roughly $123 million in automatic financial assistance for certifying Farm Loan Program (FLP) direct loan borrowers who fulfill specific requirements. Similar to the [automatic payments](https://giftcityproperty.com) revealed in October 2022, certifying customers will get an individual letter detailing the assistance as payments are made. Distressed customers' eligibility for these brand-new categories of [automatic payments](https://rentcombo.com) will be identified based upon their circumstances since today. More details about the new categories that make up the $123 million in assistance revealed today and the specific quantity of support a distressed debtor receives can be found explained in this fact sheet, IRA Section 22006: Additional Automatic Payments, Improved Procedures, and Policy Recommendations.
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To continue to make sure manufacturers are conscious of relief possibly available to them, all manufacturers with open FLP loans will receive a letter detailing a brand-new opportunity to receive support if they took specific amazing steps to avoid delinquency on their FLP loans, such as taking on more debt, offering residential or commercial property or cashing out pension. The letter will provide details on eligibility, the specific types of actions that may receive help, and the process for making an application for and [providing](https://aceakl.com) the documents to look for that assistance.
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These steps are part of a procedure USDA revealed in addition to the October payments that is focused on assisting debtors unable to make their next scheduled installment. Earlier this year, all borrowers should have gotten a letter detailing the process for seeking this type of help even before they end up being delinquent. Borrowers who are within 2 months of their next installment may seek a cashflow analysis from FSA utilizing a recent balance sheet and running plan to identify their eligibility.
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Tax Resources
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USDA will continue to work with the Department of Treasury to help borrowers understand the potential tax ramifications from the receipt of an IRA payment, including that options may be readily available to possibly prevent or minimize any [tax concern](https://www.propertynetlk.com) incurred as a result of getting this financial help.
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In early April, USDA will send out a particular set of revised tax files, academic materials and resources to customers that received support in 2022, consisting of a link to a webinar hosted by a group of farm tax experts to offer education on the options readily available. USDA can not provide tax advice and motivates borrowers to consult their own tax professional, however FSA is supplying instructional materials for debtors to be [conscious](http://www.miracirealestate.eu) of the options. USDA has tax-related resources readily available at farmers.gov/ taxes.
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Improved Procedures and Policy Recommendations
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FSA is finalizing changes to its policy handbooks to remove unneeded hurdles, improve loan making and loan servicing and supply more [versatility](http://propz24.com) on how loans are structured to optimize the opportunities for debtors. Additional details on those modifications can be found in the connected truth sheet and are the start of a more comprehensive set of procedure enhancements. The reality sheet likewise provides info on the 8, no-cost legal [proposals](http://ziprealty.com.au) included in the 2024 that are developed to enhance the debtor experience.
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USDA touches the lives of all Americans each day in numerous positive methods. In the Biden-Harris Administration, USDA is transforming America's food system with a higher concentrate on more resilient regional and local food production, fairer markets for all manufacturers, guaranteeing access to safe, healthy and healthy food in all communities, building new markets and streams of income for farmers and producers utilizing environment smart food and forestry practices, making historic investments in facilities and tidy energy capabilities in rural America, and dedicating to equity across the Department by removing systemic barriers and building a workforce more representative of America. To read more, visit www.usda.gov.
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