'This is just like the 40 acres and a mule,' one farmer said. 'You get promises, but you never actually get it.'
said the remaining balance on a $50,000 federal loan he'd received to help him buy his farm would soon be wiped clean.
Thousands of others in Bonner's shoes are also questioning if they will ever see any debt relief, according to a national group of Black farmers. That's because a provision in the Inflation Reduction Act — which President Biden— has significantly reduced the amount of funds allocated to farmers for debt relief. The law also removed wording that specifically carved out money for Black farmers to erase their USDA loans.
The revised Inflation Reduction Act provides $3.1 billion to"distressed borrowers" and another $2.2 billion to farmers who have"experienced discrimination" from the USDA, while removing race as a criterion for eligibility.By removing the"farmers of color" language originally stipulated in the bill, the revised measure hurts Black farmers because it opens up debt-relief funding to farmers of all races, said John Boyd Jr.
John W. Boyd Jr., president of the National Black Farmers Association, has criticized a change to the eligibility criteria for USDA loan relief under the Inflation Reduction Act as"a huge loss for us and other Black farmers."Black farmers could still qualify for a significant share of the aid provided under the inflation bill, although it's unclear if their applications will be swamped by other applicants who are now also eligible for relief.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EV tax credits just got revamped due to the newly signed Inflation Reduction ActThe newly signed Inflation Reduction Act will have big implications for electric vehicle buyers.
Read more »
EV tax credits just got revamped due to the newly signed Inflation Reduction ActThe newly signed Inflation Reduction Act will have big implications for electric vehicle buyers.
Read more »
EV tax credits just got revamped due to the newly signed Inflation Reduction ActThe newly signed Inflation Reduction Act will have big implications for electric vehicle buyers.
Read more »
How is the Inflation Reduction Act expected to impact San Diegans?The newly signed Inflation Reduction Act promises to have a significant impact on San Diego from helping people buy electric cars, to helping our county reach net-zero emissions by 2035.
Read more »
Black America should gain huge benefits after Biden signs Inflation Reduction Act - New York Amsterdam NewsPresident Joe Biden on Tuesday signed the historic $750 billion Inflation Reduction Act into law, a major accomplishment for the administration and a Democratic Party that’s now looking with more optimism toward November’s crucial midterm elections.
Read more »
The 'Inflation Reduction Act' that won't reduce inflation: what does it mean for midterms? -SAN DIEGO (KUSI) – The Inflation Reduction Act is being billed as a law that will reduce prices, but White House officials are not specifying when this “inflation reduction” will begin. Overall inflation sits at 8.5% from over a year ago as of July 2022 according the U.S. Bureau of Labor Statistics. This is the highest it’s been since the...
Read more »