In late May, Farm Service Agency (FSA) announced the next effort in its assistance to farm loan borrowers as part of the implementation of Section 22006 of the Inflation Reduction Act (IRA), which provided $3.1 billion for USDA to provide relief to distressed borrowers with FSA loans whose farms are at financial risk. This round of funding applies to direct loan borrowers who took extraordinary measures to keep their loan accounts current between February 28, 2020 through October 18, 2022.
A borrower may be eligible for this assistance if they’re a current FSA direct loan borrower, took any of the qualifying extraordinary measures below between February 28, 2020 through October 18, 2022 to pay an installment on their qualifying direct farm loan program loan, and can provide required supporting documentation to FSA.
FSA farm loan accounts that have been paid in full are not eligible for this payment assistance. Qualifying direct Farm Loan Program (FLP) loan types are: Farm Ownership, Operating (including Youth and Microloans), Emergency, Conservation, and Soil and Water loans.
Qualifying extraordinary measures
Extraordinary measures are actions taken to remain current on Farm Loan Program payments. These include by cashing out long-term or essential assets like retirement funds or college funds, incurring additional non-FSA debt, deferring other essential payments, and the sale of essential assets that are required to maintain the current operation level of the borrowers farm and household.
If you are a current FSA loan borrower who took certain extraordinary measures to pay an installment on your qualifying direct FLP loan and can provide the proper documentation to FSA, you may be eligible for this assistance.
How to Request Assistance
Borrowers can submit requests for extraordinary measure assistance in two ways:
- Send in a direct request using the Farmers.gov 22006 Assistance Request Portal.
- Submit a request in person at the local FSA office.
All requests for assistance must be received by December 31, 2023. Assistance is subject to funding availability.
Find additional details, frequently asked questions, and other updates at farmers.gov/inflation-reduction-investments/assistance.
Borrowers can also contact the FSA call center at 877-508-8364 between 8 a.m. and 7 p.m. Eastern.
For information related to tax resources, visit farmers.gov/taxes.