The SOIL Act (Support for Ownership and Investment in Land Act) creates a pilot program to streamline the application process for farmers seeking direct farm ownership loans from the U.S. Department of Agriculture. Starting within one year of the law's enactment, the program will establish a pre-approval or pre-qualification process designed to give borrowers greater certainty and reduce bureaucratic delays when applying for these loans. The Secretary of Agriculture has flexibility to set alternative eligibility requirements for loans processed through the pilot, though applicants must still meet all other existing requirements. The Agriculture Department must submit annual reports to Congress detailing the pilot program's progress and results. The pilot program is set to expire on September 30, 2030, unless Congress extends it.
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