Commodity Markets, Digital Assets, and Rural Development Subcommittee, Agriculture Committee
Introduced
In Committee
On Floor
Passed Chamber
Enacted
Beginning Agriculturalist Lifetime Employment Act of 2019 or the BALE Act of 201 9 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.
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Timeline
Introduced in House
Referred to the House Committee on Agriculture.
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Introduced in House
Referred to the House Committee on Agriculture.
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Agriculture and Food
Agricultural conservation and pollutionAgricultural prices, subsidies, creditGovernment lending and loan guaranteesMinority and disadvantaged businesses
BALE Act of 2019
USA116th CongressHR-2797| House
| Updated: 6/10/2019
Beginning Agriculturalist Lifetime Employment Act of 2019 or the BALE Act of 201 9 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.
Commodity Markets, Digital Assets, and Rural Development Subcommittee, Agriculture Committee
Agriculture and Food
Introduced
In Committee
On Floor
Passed Chamber
Enacted
Agricultural conservation and pollutionAgricultural prices, subsidies, creditGovernment lending and loan guaranteesMinority and disadvantaged businesses