USDA Looks To Forgive Rural Loans

The American Rescue Plan, according to USDA Head Tom Vilsack, has a variety of programs and plans to help rural America. Once of those plans includes loan forgiveness in rural areas. “Two types of loans we’re dealing with: direct loans and guaranteed loans,” Vilsack noted. “Let me deal with the direct loans first. To the […]

Vilsack Explains Purpose Behind Creation Of USDA Equity Commission

The USDA is creating an Equity Commission. Agriculture Secretary, Tom Vilsack, explains why: “In the 70s, 80s, maybe even the 90s, Black farmers would go in to an FSA office in some states, and they would either not get a loan, or they would get the loan late, very late in the planting season, or […]

Farm Lending Pullback Continues

Agricultural debt at commercial banks eased further at the end of 2020, and loan repayment problems moderated slightly. According to the Kansas City Federal Reserve Bank, general improvement in the farm economy likely drove the pullback in farm lending activity and strengthened credit conditions. Higher crop prices and an influx of government payments in 2020 […]

Farm Groups Seek Passive of COVID-19 Bill with Relief for Minority Farmers

A coalition of agriculture groups urges lawmakers to support emergency relief for farmers and ranchers of color. In a letter to leadership of the House and Senate, the coalition says they are “committed to improving the financial and rural development interests of this nation’s Black, Indigenous, Hispanic and People of Color farmers and ranchers.” Specifically, […]

AFBF: Farm Bankruptcies Dropped In 2020, But Industry Not Out Of The Woods

Chapter 12 farm bankruptcy filings in 2020 were the third highest over the last decade, but that number was actually a decline. American Farm Bureau Federation Chief Economist John Newton said nationwide, there were 552 Chapter 12 family farm bankruptcies, down 7% from a year earlier. While the drop is good, Newton says the agriculture […]

NFU: USDA Debt Relief Will Help Keep Farmers in Business

The National Farmers Union says the Department of Agriculture debt relief action, announced Wednesday. will provide farmers much-needed relief. USDA announced that it will temporarily suspend past-due debt collections and foreclosures for farmers borrowing under the Farm Storage Facility Loan and the Direct Farm Loan programs while also offering flexibilities under the Guaranteed Loan Program. […]

USDA Announces COVID-19 Farm Loan Relief

On Wednesday, the USDA announced the temporary suspension of past-due debt collections and foreclosures for distressed borrowers under the Farm Storage Facility Loan and the Direct Farm Loan programs. The Department said the measures will provide relief to farmers during the COVID-19 pandemic. USDA will temporarily suspend non-judicial foreclosures, debt offsets or wage garnishments, and […]

Rural Oregon Received Over $500M in 2020

In 2020, the USDA’s Rural Development invested over $542 million to help more than 2,200 low-income rural Oregon homeowners. RD’s Erin McDuff said they are focused on Oregon communities of 35,000 or less with the Single Family Housing Guaranteed Loan Program, Single Family Housing Direct Loan Program, and the Single Family Housing Repair Program. “Home […]

Ag Banks Trim Farm Lending

Farm loans outstanding at commercial banks declined in the third quarter and non-performing loans edged slightly higher. The Kansas City Federal Reserve said reduced lending at agricultural banks contributed most significantly to the further decline in outstanding loan balances. Alongside lower farm debt levels, delinquency rates on agricultural loans continued to trend higher at a […]

AFBF Asks Congress To Ensure PPP Loans Are Not Taxed

The American Farm Bureau Federation recently sent a letter to Congress asking them to ensure farmers won’t pay taxes on forgiven Paycheck Protection Program loans. AFBF Senior Congressional Relations Director Pat Wolff said an IRS regulation means small businesses and farms would face a tax burden for using PPP funds. “Congress needs to act, or […]