The American Bankers Association today welcomed the bipartisan Rural Equal Aid Act, which would provide six months of payment relief for borrowers using the U.S. Department of Agriculture’s Rural Development loan programs. The bill—introduced by Rep. Cindy Axne (D-Iowa) in the House and Sen. Jon Tester (D-Mont.) in the Senate—provides equal treatment for RD loans to that provided under the CARES Act for Small Business Administration borrowers.
“Banks are an important part of rural America and the Rural Equal Aid Act will allow banks to better serve their customers in rural areas,” ABA said in a letter to Axne. “ABA has long supported USDA Rural Development lending programs and was very involved in the development of OneRD, which streamlines the loan making process within USDA Rural Development.”