The $1.9 trillion spending that is federal approved by President Joe Biden this week includes vast amounts of bucks to greatly help farmers of color repay their loans, purchase materials with regards to their land and otherwise invest in their operations.
The Emergency Relief for Farmers of colors Act, introduced by Georgia Senator Raphael Warnock, provides $4 billion for the U.S. Department of Agriculture to forgive direct or guaranteed loans offered to farmers of color. Another $1 billion will go towards the USDA for farmer funds, university scholarships along with other efforts for minority growers.
” This is often a big deal for us,” John Boyd, Jr., president associated with the National Black Farmers Association, told S MoneyWatch. “We see this as being a great chance to help thousands.”
Farmers of all of the races and farm-related programs will get $10.4 billion in total from the United states save Plan, according to an analysis through the American Farm Bureau Federation. Most of that cash is earmarked as debt forgiveness for minority farmers.
Boyd and other Ebony farmers said that shedding debt might help lay the foundation for them to expand their business and maybe do something to address social dilemmas like f d deserts in low-income communities. But before that takes place, the USDA must mend broken fences within the Black community, the farmers stated. Continue reading “Coronavirus relief money includes $5 billion for farmers of color”