BALE Act of 2021
- Last Action
- 6/15/2021
Actions
- 2021-06-15Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
- 2021-03-26Referred to the House Committee on Agriculture.
- 2021-03-26Introduced in House
- 2021-03-26Introduced in House
CRS Summary
As of 2021-03-26 (00)
Beginning Agriculturalist Lifetime Employment Act of 2021 or the BALE Act of 2021
This bill revises the limits for the Department of Agriculture (USDA) conservation loan guarantee program.
The bill replaces the existing 80% limit on the portion of a loan that USDA may guarantee with limits that range from 80%-90%, depending on the principal amount of the loan.
For socially disadvantaged or beginning farmers or ranchers, the bill replaces the existing 90% limit with limits that range from 85%-95%, depending on the principal amount of the loan.
The bill also (1) prohibits USDA from guaranteeing a loan under the program that exceeds $4 million, and (2) requires USDA to adjust the limits annually for inflation.
Cosponsors (4)
- Robin Kelly (D-IL)
- Rodney Davis (R-IL)
- Darin LaHood (R-IL)
- Tom Emmer (R-MN)
Subjects
- Agricultural conservation and pollution
- Agricultural prices, subsidies, credit
- Government lending and loan guarantees
- Minority and disadvantaged businesses
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.