Debt Relief Details for Farmers Expected by October

USDA Secretary Tom Vilsack says a moratorium is in place suspending debt collections, foreclosures and other legal actions against FSA borrowers who are delinquent on payments. However, farmers facing financial hardships likely won’t find out until October if they qualify for debt relief.

USDA is currently evaluating more than 100,000 direct loans as more discussions happen on assisting financially distressed farmers. Secretary Vilsack says 22% of farmers have either been or currently are delinquent on loans. The assistance comes from the $3.1 billion Inflation Reduction Act. Farmers can expect to hear more details before the end of the year.

Read more on possible debt relief for farmers here.