To amend the Agricultural Act of 1961 to modify the limitations applicable to qualified conservation loan guarantees, and for other purposes.
Beginning Agriculturalist Lifetime Employment Act of 2019 or the BALE Act of 2019
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 $3.5 million, and (2) requires USDA to adjust the limits annually for inflation.
Introduced in House
Introduced in House
Referred to the House Committee on Agriculture.
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
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