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HR 2186 117th Congress House Agriculture and Food Agricultural conservation and pollution Agricultural prices, subsidies, credit Government lending and loan guarantees Minority and disadvantaged businesses

BALE Act of 2021

Introduced: March 26, 2021 Introduced by: Bost, Mike Republican · Illinois See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 15, 2021
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Mar 26, 2021
Referred to the House Committee on Agriculture.
Mar 26, 2021
Introduced in House
 Plain-English summary Congressional Research Service

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.

What's happening now June 15, 2021

Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

 Committees of jurisdiction 2
 Cosponsors 2
All 2 Republican 2