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Banks say USDA’s debt forgiveness for minority farmers will cost them money and could affect future loans. Black farmers call that a threat. Three of the biggest US banking groups want the US Department of Agriculture to reconsider the terms of billions of dollars in planned debt relief for minority farmers, claiming it will cut into banks’ profits and warn they may have to cut those same farmers off from future loans. President Joe Biden’s $1.9 trillion Covid relief package passed in March includes $4 billion to help pay off farm loans for socially disadvantaged farmers and ranchers a group that includes Black and other minority farmers, who have long faced discrimination from lenders and the USDA. The payments will cover up to 120% of outstanding debt for each farmer or rancher, according to the USDA.

United statesJohn wesley boyd jrTom vilsackJoe bidenNational black farmers associationCommunity bankers of americaNational rural lenders associationFarm service agencyUs department of agricultureAmerican bankers associationAgriculture tom vilsackIndependent community bankersNational black farmersBlack farmersஒன்றுபட்டது மாநிலங்களில்ஜான் வெஸ்லி பையன் ஜூனியர்