Biden administration announces $1.3 billion in farmer debt relief

The Biden Administration has announced a new program to provide $1.3 billion in debut relief for about $36,000 farmers. Those farmers have either fallen behind on loan payments or face foreclosure. The law was passed by congress and signed into law by President Biden in August. The loan forgiveness will be administered by the US Department of Agriculture with the first round of payments designed to help farmers hit the hardest by pandemic-induced market disruptions or climate-driven natural disasters including drought.