Sec. 1005. Farm loan assistance for socially disadvantaged farmers and ranchers
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For the purposes of addressing the longstanding and widespread discrimination against socially disadvantaged farmers and ranchers in farm loan programs and across the Department of Agriculture, as documented for decades by Congress and Federal agencies, and alleviating discriminatory barriers preventing socially disadvantaged farmers and ranchers from fully participating in the American farm economy, in addition to amounts otherwise available, there is appropriated to the Secretary for fiscal year 2021, out of amounts in the Treasury not otherwise appropriated, such sums as may be necessary, to remain available until expended, for the cost of loan modifications and payments under this section.
Using a simplified process to be determined by the Secretary, the Secretary shall provide a payment in an amount equal to 120 percent of the outstanding indebtedness of each socially disadvantaged farmer or rancher as of January 1, 2021, to pay off the loan directly or to the socially disadvantaged farmer or rancher (or a combination of both), on each— direct farm loan made by the Secretary to the socially disadvantaged farmer or rancher; and farm loan guaranteed by the Secretary the borrower of which is the socially disadvantaged farmer or rancher.
Notwithstanding any other provision of law, the provision of a payment under paragraph
(2)to a socially disadvantaged farmer or rancher shall not affect the eligibility of such farmer or rancher for a farm loan after the date on which the payment is provided. In this section: The term farm loan means— a loan administered by the Farm Service Agency under subtitle A, B, or C of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1922 et seq.); and a Commodity Credit Corporation Farm Storage Facility Loan. The term Secretary means the Secretary of Agriculture. The term socially disadvantaged farmer or rancher has the meaning given the term in section 2501(a) of the Food, Agriculture, Conservation, and Trade Act of 1990 ( 7 U.S.C. 2279(a) ).