U.S. Rep. Troy Balderson (R-OH) on Aug. 7 said he and several colleagues plan to introduce their chamber’s version of the bipartisan Rural Equal Aid Act to support U.S. Department of Agriculture (USDA) loan borrowers during the COVID-19 pandemic.
“Ohio’s rural communities have been some of the hardest hit by this pandemic, and their needs cannot be overlooked in our relief efforts,” Rep. Balderson said. “It’s critical they have equal access to relief through USDA to ease the burden caused by recent financial losses so they can remain strong through this crisis and beyond.”
The version in the U.S. House of Representatives will be introduced by six members, including Rep. Balderson and U.S. Rep. Cindy Axne (D-IA), to authorize the USDA Secretary to subsidize payments on loans made under certain rural development loan programs, according to the text of the bill.
The U.S. Senate companion bill, the same-named S. 4470, was introduced on Aug. 6 by U.S. Sens. Mitt Romney (R-UT) and Jon Tester (D-MT).
If enacted, the measure would provide six months of payments for existing USDA Rural Development program borrowers, including rural small businesses and nonprofits, through four USDA loan programs: community facilities loans; business and industry loans; and two loan programs made through small local intermediaries, the Intermediary Relending Program and the Rural Microentrepreneur Assistance Program.
The Rural Equal Aid Act is supported by the American Bankers Association, the Independent Community Bankers Association, the National Rural Health Association, the National Rural Housing Coalition, and the National Association of Towns and Townships.