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The Independent UK
The Independent UK
National
David Pitt

USDA announces $1 billion debt relief for 36,000 farmers

Copyright 2020 The Associated Press. All rights reserved.

The federal government announced Tuesday a program that will provide $1.3 billion in debt relief for about 36,000 farmers who have fallen behind on loan payments or face foreclosure.

The U.S. Department of Agriculture announced the farm loan relief program funded from $3.1 billion set aside in the Inflation Reduction Act allocated toward assisting distressed borrowers of direct or guaranteed loans administered by USDA. The law was passed by Congress and signed by President Joe Biden in August.

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