The USDA will start issuing loan payments to socially disadvantaged farmers in early June. This relief is part of the American Rescue Plan, the latest round of COVID-19 relief from the Biden Administration. USDA’s Farm Service Agency can pay up to 120 percent of direct and guaranteed loan outstanding balances as of January 1 for socially disadvantaged farmers and ranchers. The qualifying loans include direct farm loans under the Farm Loan Programs and the Farm Storage Facility Loan Program. Agriculture Secretary Tom Vilsack said this can increase the opportunities, advance equity and systemic discrimination in USDA platforms. Read more.
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