H.R.2797 - Beginning Agriculturalist Lifetime Employment Act of 2019116th Congress (2019-2020) |
|Sponsor:||Rep. Bost, Mike [R-IL-12] (Introduced 05/16/2019)|
|Committees:||House - Agriculture|
|Latest Action:||House - 06/10/2019 Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.2797 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in House (05/16/2019)
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.