With many rural businesses and agricultural producers facing financial challenges as a result of COVID-19, the Department of Agriculture today announced that it will make available up to $1 billion in loan guarantees for these entities through Farm Service Agency loan programs and through the USDA Business and Industry CARES Act Program, a new program that provides working capital loans to help rural businesses prevent, prepare for or respond to the effects of the pandemic.
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As Congress contemplates additional coronavirus relief legislation, the American Bankers Association and the 51 state bankers associations today wrote to congressional leaders urging them to include the Enhancing Credit Opportunities in Rural America Act of 2019 in the so-called “Phase IV” legislative package
Prior to COVID-19, rural and urban America’s economic paths were diverging. Where they will go next remains to be seen.
In a letter to U.S. Small Business Administration Administrator Jovita Carranza yesterday, a group of House lawmakers urged SBA to ensure that farmers and agricultural businesses will be able to take advantage of the emergency economic injury grant program created by the new CARES Act coronavirus relief law.
As negotiations continued on Capitol Hill this weekend over the latest coronavirus aid package, a group of financial services trade associations—including the American Bankers Association—called for enhancements to SBA and USDA loan programs.
In letters to House and Senate lawmakers today, ABA urged lawmakers to support the Enhancing Credit Opportunities in Rural America Act, a bill that would end taxation of interest earned from agricultural real estate loans.
…and other answers to your compliance questions in the March/April 2020 ABA Regulatory Policy and Compliance Inbox.
The Department of Agriculture announced last week that it will delay the enforcement of certain requirements of a December 2019 interim final rule for industrial hemp producers.
In a letter to the federal banking agencies today, Sens. John Thune (R-S.D.) and Tammy Baldwin (D-Wis.) made a bipartisan appeal for greater regulatory flexibility that would allow community financial institutions to work with farmers and ranchers during a challenging time in the agricultural economy.
In a recent column in the Kansas Banker magazine, Sen. Jerry Moran (R-Kan.) urged support for an ABA-advocated bill that would end taxation of interest earned from agricultural real estate loans.