WASHINGTON, Nov. 30, 2023 – The U.S. Department of Agriculture today announced that it is providing approximately $208 million in automatic financial assistance for qualifying farm and emergency loan borrowers. This announcement is made possible by $3.1 billion in assistance for distressed farm loan borrowers provided in Section 22006 of the Inflation Reduction Act, an important part of President Biden’s Investing in America agenda.

To help prevent foreclosures, USDA will cover approximately $80 million in delinquencies for an estimated 210 borrowers whose qualifying guaranteed loans were flagged for liquidation as of Nov. 30, 2023. USDA will also provide approximately $128 million for an estimated 1,120 borrowers with currently outstanding direct Emergency Loans as of Nov. 30, 2023. Any distressed borrowers who qualify for this assistance and are currently in bankruptcy will be addressed using the same case-by-case review process announced in October 2022 for complex cases.

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