Black farmers to receive billions of dollars in stimulus bill
Black farmers get relief under President Joe Biden’s stimulus bill.
Farmers of color, especially black farmers, receive more than $ 4 billion in government assistance, Yahoo! Finances reported. Money is part of the American rescue plan, a $ 1.9 billion bill signed by the Biden administration to stimulate the economy during the pandemic.
Related Story: BLACK FARMERS TO RECEIVE $ 5 BILLION CORONAVIRUS RELIEF BILL TO PAY DEBT AND ESTABLISH EQUITY COMMISSION
The report says 120% of black farmers are in debt due to bad loans from the USDA Farm Services Agency, direct and guaranteed loans, and related taxes. In addition, black farmers need awareness, training, education, technical assistance, grants and loans, and financing to improve access.
Over $ 3 million will be used for loan cancellation and debt and tax repayment, while the remaining $ 1.1 billion will go to the aforementioned needs, United States today reported.
According to Yahoo !, black farmers missed $ 50 billion in government aid under former President Donald Trump.
“Direct agricultural loans to black farmers fell by more than half under the previous administration and by only 00.09% of the $ 26 billion in direct payments to all farmers [under the Coronavirus Food Assistance Program] went to black farmers under the previous administration, ”USDA spokesman Matt Herrick said, Yahoo! Finances reported. “We know that socially disadvantaged farmers have struggled to achieve full success due to systemic discrimination and a cycle of indebtedness that began decades ago and has only been made worse by COVID-19. “
The US bailout was designed not only to tackle the problems of COVID-19, but also for systematic racism.
Members of Congress, now dominated by Democrats, have indicated that the USDA tends to favor minority farmers. The solution was to provide debt relief to “root out generations of systemic racism” within the agricultural industry, United States today reported.
“[The bill] provides historic debt relief to Black, Native, Hispanic and other farmers of color who for generations have struggled to achieve full success due to systemic discrimination and a cycle of debt. We cannot ignore the pain and suffering this pandemic has caused to communities of color, ”USDA Secretary Tom Vilsack said Tuesday in a virtual meeting.
Vilsack held the same position during the administration of President Barack Obama.