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Farm Progress America, June 2, 2021

Max Armstrong reports on the controversy surrounding a move to pay off loans to socially disadvantaged farms.

Max Armstrong shares that three bankers associations have weighed in on the move to support "socially disadvantaged" farmers. According to Max the group wrote a letter Secretary of Agriculture Tom Vilsack about the issue. In their letter they said: "The sudden abrupt payoff any category of guaranteed loans could have adverse consequences." USDA has said it would begin making loan forgiveness payments as early as this month. The banks believe they'll lose millions in interest if those loans are paid off, and the bankers want to be compensated.

Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Max Armstrong, veteran farm broadcaster and host of This Week in Agribusiness.

Photo: halduns/iStock/Getty Images Plus

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