S 3602
116th Congress
Senate
Agriculture and Food
Agricultural prices, subsidies, credit
Government lending and loan guarantees
Income tax exclusion
Relief for America's Small Farmers Act
Introduced: May 5, 2020
Introduced by:
Gillibrand, Kirsten E.
Democratic
· New York
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 5, 2020
Read twice and referred to the Committee on Finance.
May 5, 2020
Introduced in Senate
Plain-English summary
Relief for America's Small Farmers Act
This bill provides loan forgiveness of up to $250,000 for certain borrowers who are actively engaged in farming, have an average annual adjusted gross income of $300,000 or less over the previous five years, and have certain Department of Agriculture farm loans.
The loan forgiveness is subject to the condition that the applicable borrower must continue to be actively engaged in farming for at least two years after receiving such forgiveness.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1