Thank you to those of you who were able to join the call earlier today with such short notice. For those of you who were unable to join the call, we are more than happy to schedule a time to provide additional information at your request.
As discussed in the call earlier today, we are sharing the embargoed press release and fact sheet. Today, we will announce that beginning in April USDA will provide approximately $123 million in additional, automatic financial assistance for qualifying farm loan program borrowers who are facing financial risk, as part of the $3.1 billion to help distressed farm loan borrowers that was provided through Section 22006 of the Inflation Reduction Act (IRA). This announcement builds on financial assistance offered to borrowers through the same program in October 2022.
Distressed borrowers’ eligibility for these new categories of automatic payments will be determined based on their circumstances as of today. More information about the new categories that make up the $123 million in assistance announced today and the specific amount of assistance a distressed borrower receives can be found described in the attached fact sheet.
USDA will continue to work with the Department of Treasury to help borrowers understand the potential tax implications from the receipt of an IRA payment, including that options may be available to potentially avoid or alleviate any tax burden incurred as a result of receiving this financial assistance.
For more detailed information, please see the attached embargoed press release and fact sheet. The press release and fact sheet are embargoed until 4pm EST today. Please feel free to reply to this email with any questions or feedback that you may have.