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S. 3602

BillFederalSenateIn Committee
A bill to provide loan forgiveness for certain borrowers of Department of Agriculture direct farm loans, and for other purposes.
About This Bill
Committee
Latest Action · May 5, 2020
Read twice and referred to the Committee on Finance.
Congress
116th (2019–2021)
Introduced
May 5, 2020
Sponsor
Sen. Kirsten GillibrandD
Cosponsors (4)
3D 0R
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Summary

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Relief for America's Small Farmers Act This bill provides loan forgiveness of up to $250,000 for certain borrowers who are actively engaged in farming, have an average annual adjusted gross income of $300,000 or less over the previous five years, and have certain Department of Agriculture farm loans. The loan forgiveness is subject to the condition that the applicable borrower must continue to be actively engaged in farming for at least two years after receiving such forgiveness.

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