The U.S. Department of Agriculture has launched a program to pay up to $170,000 to mortgage lenders, starting with $310 million in debt relief for farmers under the Inflation Reduction Act.
The U.S. federal government pays the Department of Agriculture (USDA) a direct loan of $52,000 to farmers, and about 17 It announced today an automatic electronic payment of $12,000.
Agriculture Minister Tom Bilsak said: "The funding announced today will help farmers maintain their agriculture and provide a fresh start to producers in a challenging position. and will remain up to date until the next annual payment expires in 2023,” he told The Associated Press.
The U.S. Department of Agriculture provides loans to 115,000 farmers and livestock producers without commercial credit, and applies a debt relief program in the event of missed payments, foreclosures or near default, a total cost of $600 million.
The Associated Press reported that the total cost to be paid to farmers receiving automatic electronic payments is nearly $600 million, allowing about 11,000 farm borrowers to repay their loans by delinquent direct or guaranteed loan payments for more than 60 days.
Of that, $200 million is used to provide immediate assistance to the 2,100 farm borrowers facing foreclosure, while other debt, tax refunds and other resources are left to the Treasury.
The USDA said that an average of $101,000 is paid to this category of farmers.
The USDA said it could cost $66 million to 7,000 farmers who defer loan repayments during the COVID-19 pandemic, and $330 million for 1,600 farmers facing bankruptcy foreclosures to be assessed on a case-by-case basis through individual meetings.
If the farmer asks for help to avoid missing out on loan payments to 14,000 borrowers struggling financially with cash flow problems, they will be eligible for additional assistance.
Agriculture Minister Bilsak said, "Due to drought or lowered Mississippi River water levels, up to $175 million will be provided to barge grain transportation problems programs. The fourth round of payments,” he said.
The US Department of Agriculture said the remaining $310 million would be used to ease unnecessary lending restrictions and provide additional assistance to be announced at a later date.
The Inflation Reduction Act, which began implementing the Department of Agriculture policy, was passed by Congress and signed by President Joe Biden in August.
Some Republican politicians criticized the inflation-reduction law and did not respond to AP questions about whether to support the farm loan support.
At the Korea-US summit, President Yoon Seok-yeol demanded that the Inflation Reduction Act be corrected and the government started taking measures against violations of the Free Trade Agreement.
Democratic Party leader Lee Jae-myung sent a letter to 20 high-ranking US officials, including Democratic President Biden and House Speaker Pelosi, on the 1st, and released it on the 15th.
'경제' 카테고리의 다른 글
| UK inflation 10.1% record high US housing market decline (0) | 2022.10.20 |
|---|---|
| 영국 인플레 10.1% 사상최고 미국 주택경기 하강 (0) | 2022.10.20 |
| 미 인플레감축법 농민부채 3.1억달러 구제 1인 최고 17만달러 (0) | 2022.10.19 |
| Lee Chang-yong 'reliance on a strong US dollar' Bloomberg 'stagnation for a year from now' (0) | 2022.10.18 |
| 이창용 ‘강달러 미국 의존’ 블룸버그 ‘향후1년간 침체’ (0) | 2022.10.18 |