The National Farmers Union says the Department of Agriculture debt relief action 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.
Additionally, the agency plans to halt foreclosures and evictions that are already underway. The announcement comes as a relief to NFU, which has been pushing legislators and administration officials to provide family farmers and ranchers with the support they need to withstand the added challenges caused by the pandemic.
In a statement, NFU President Rob Larew lauded the action, saying that it will be particularly beneficial to beginning and socially disadvantaged farmers. Larew says, “By suspending debt collections and foreclosures, the agency will help struggling farmers stay on their land and continue growing food for their fellow Americans.”