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Emergency Loan Rules Reform: Easier Access for Farmers After Disasters.

This Act modifies the rules for granting emergency loans to farmers affected by natural disasters. It removes the rigid requirement for a minimum production loss (previously 30%), replacing it with a flexible definition of a "qualifying production loss" determined by the Secretary. The goal is to simplify and potentially broaden access to financial aid for agricultural producers following disasters.
Key points
Simplified Criteria: Removes certain existing requirements previously considered when determining eligibility for emergency loans.
New Loss Standard: Changes the minimum production loss requirement from a fixed percentage threshold to a "qualifying production loss" determined by the Secretary.
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Additional Information
Print number: 118_S_5207
Sponsor: Sen. Welch, Peter [D-VT]
Process start date: 2024-09-25
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OFFICIAL LEGAL TITLE

Emergency Loans Reform Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_5207.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-09-25.

What are the main provisions?

Key points include:

  • Simplified Criteria: Removes certain existing requirements previously considered when determining eligibility for emergency loans.
  • New Loss Standard: Changes the minimum production loss requirement from a fixed percentage threshold to a "qualifying production loss" determined by the Secretary.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Welch, Peter [D-VT].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Agriculture Benefits