Gillibrand proposes loan-forgiveness for farmers
Apr 14, 2020 7:45 am
Michael Williams is reporting for the Times Union U.S. Sen. Kirsten Gillibrand April 13, announced legislation to create a loan-forgiveness program for farmers who have taken out loans up to $250,000 from the USDA's Farm Services Agency. Approximately 39,000 farmers nationwide who have taken out direct operating loans and emergency loans from the USDA's farm loans program would be eligible for the forgiveness program under the Relief for America’s Small Farmers Act, Gillibrand said during a tele-conference. More than $9.5 billion in emergency funding for the agricultural sector had been included under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. "While the CARES Act took some steps to provide emergency farm aid, small farms still have no idea when or if they will receive the money," Gillibrand said. Sen. Charles Schumer last week wrote a letter to USDA Secretary Sonny Purdue, urging the department to immediately release the funds set aside for farmers under the act. Gillibrand's legislation, if passed, would give farmers a one-year period to apply for loan forgiveness. Read the full story in the Times Union.