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Helping America’s Farmers Act
12/31/2022, 5:07 AM
Summary of Bill HR 4456
One key provision of the Helping America's Farmers Act is the establishment of a new program that would provide financial assistance to farmers who have been negatively impacted by these various factors. This program would offer grants and loans to help farmers cover the costs of planting, harvesting, and marketing their crops.
Additionally, the bill includes measures to improve access to credit for farmers, as well as provisions to help farmers navigate the complex process of applying for federal assistance programs. The bill also aims to promote sustainable farming practices and conservation efforts, in order to protect the environment and ensure the long-term viability of the agricultural industry. Overall, the Helping America's Farmers Act is designed to provide much-needed support to farmers who are struggling to make ends meet in the face of economic challenges and natural disasters. By offering financial assistance, improving access to credit, and promoting sustainable farming practices, this bill aims to help farmers across the country continue to thrive and contribute to the nation's food supply.
Congressional Summary of HR 4456
Helping America's Farmers Act
This bill provides financial assistance to certain agricultural entities.
Specifically, the bill directs the Farm Service Agency (FSA) of the Department of Agriculture (USDA) to carry out a program to provide economic disaster loans to certain agricultural entities with an adjusted gross income of less than or equal to $500,000. Under the program, such entities are eligible for zero-interest loans of up to $2 million and may seek loan forgiveness based on demonstrated economic hardship. In making loans, priority must be given to (1) entities located in states most impacted by an economic disaster; and (2) minority, veteran, and women farmers and ranchers.
The FSA may also guarantee a loan to certain agricultural entities with an adjusted gross income of greater than $500,000 if such loan meets certain requirements.
Entities that apply for a loan or loan guarantee may request that the FSA provide an emergency grant of at least $20,000 upon application.
The bill also provides funding for USDA to carry out a program to provide FSA staff with appropriate training relating to economic injury loan processing and servicing.
