Sec. 7. Farm microloans
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Section 313(c) of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1943(c) ) is amended— in paragraph (2), by striking $50,000 and inserting $100,000 ; and by adding at the end the following: In this paragraph: The term covered microloan means a direct or guaranteed microloan under this subsection— that is outstanding as of the date of enactment of this paragraph; or that is made or guaranteed by the Secretary during the covered period. The term covered period means the period beginning on the date of enactment of this paragraph and ending on the last day of the second fiscal year beginning after the date on which the public health emergency declared by the Secretary of Health and Human Services under section 319 of the Public Health Service Act ( 42 U.S.C. 247d ) on January 31, 2020, with respect to COVID–19 is lifted.
Notwithstanding section 373(b)(1), a borrower shall not be ineligible to receive a covered microloan because the borrower has received debt forgiveness described in subparagraph
(A)or
(B)of that section. Notwithstanding section 373(a) or any other provision of law, a borrower shall not be ineligible to receive a covered microloan because the borrower is delinquent on any loan made or guaranteed under this title or any other Federal law. Notwithstanding sections 302(a)(1)(D), 311(a)(1)(D), and 333(1)(A), a borrower shall not be required to demonstrate an inability to obtain sufficient credit elsewhere to be eligible to receive a covered microloan. Notwithstanding sections 302(a)(1)(A) and 311(a)(1)(A), a borrower shall not be required to be a citizen of the United States to receive a covered microloan. Notwithstanding any other provision of this title, a borrower shall not be ineligible to receive a covered microloan because the borrower has a lack of an acceptable credit history. The Secretary shall extend the term of a covered microloan for a period of 10 years at an interest rate of— 1 percent or less; or in the case of guaranteed covered microloan under clause (ii), zero percent. The Secretary shall enter into contracts under section 351 to reduce the interest rate paid by a borrower on a guaranteed covered microloan to zero percent for the remaining term of the guaranteed covered microloan. Notwithstanding section 351(b)(1)(A), a borrower shall not be required to demonstrate an inability to obtain sufficient credit elsewhere to be eligible for an interest rate reduction described in subclause (I). There is appropriated for the Department of Agriculture, out of amounts in the Treasury not otherwise appropriated, $350,000,000 for each fiscal year during the covered period to make and guarantee microloans under this subsection. In making and guaranteeing microloans under this subsection, the Secretary shall give priority to— beginning farmers or ranchers; socially disadvantaged farmers or ranchers (as defined in section 355(e)); and owners or operators of niche or nontraditional farm operations, as defined by the Secretary. .
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