Live Breaking News & Updates on கருப்பு விவசாயிகள்|Page 4
Stay updated with breaking news from கருப்பு விவசாயிகள். Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Adobe Stock Four billion in debt relief is coming to socially disadvantaged farmers and ranchers who’ve taken out Farm Service Agency loans. In March, President Joe Biden signed into law the American Rescue Plan. Included is the Emergency Relief for Farmers of Color Act. It provides $4 billion in debt forgiveness to socially disadvantaged farmers and ranchers who’ve taken out Farm Service Agency loans. Latresia Wilson is Vice President and Co-Founder of the Florida Chapter of the Black Farmers and Agriculturalists Association (BFAA). She says farmers are excited about debt forgiveness. “It’s mentally relieving not having debt over your head, and also it could mean for some of them the difference between saving their farm or losing their farm as well as an opportunity, maybe, to have a new start,” Wilson says. ....
“It’s an important first step,” US Secretary of Agriculture Tom Vilsack said in an interview with the newspaper. “It’s reflective of the impact of over 100 years of policies and actions at the Department of Agriculture that have limited people from having opportunities. It acknowledges the disparity presently, and it’s really forward-thinking.” Farms who are eligible to receive the payments should start to see notices for payments, Vilsack said. The payments will reportedly cover up to 120% of outstanding debt for an eligible participant. The program received pushback from Republican lawmakers and some Black farmers were skeptical the funds would ever get approved. White farmers filed a lawsuit against the USDA over the program, claiming it reversely discriminates against them. ....
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. ....
Black Farmers Collective | 91.3 KBCS kbcs.fm - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kbcs.fm Daily Mail and Mail on Sunday newspapers.
Banks say USDA's debt forgiveness for minority farmers will cost them money and could affect future loans. Black farmers call that a threat. cbs58.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cbs58.com Daily Mail and Mail on Sunday newspapers.