Bipartisan bill offers relief to USDA borrowers

ICBA-supported legislation to provide loan relief to rural communities was introduced in the House and Senate. The bipartisan Rural Equal Aid Act would provide relief to borrowers using USDA Rural Development loans during the COVID-19 emergency similar to what is available to SBA borrowers.

The bill would provide payments for six months on four USDA rural development programs, including Business and Industry loans to rural businesses and the community facilities loan program.