(NAFB.com) – Agriculture Secretary Tom Vilsack Tuesday announced distressed farmers with qualifying USDA farm loans have already received nearly $800 million in assistance from the Inflation Reduction Act.

The $3.1 billion in assistance for distressed farm loan borrowers stems from section 220006 of the Inflation Reduction Act. The legislation directed USDA to expedite assistance to distressed borrowers of direct or guaranteed loans administered by USDA’s Farm Service Agency, whose operations face financial risk.

Secretary Vilsack says the funding “helps keep our farmers farming and provides a fresh start for producers in challenging positions.” The announcement kicks off a process to assist distressed farm loan borrowers using several complementary approaches, with the goal of keeping them farming, removing obstacles, and improving how USDA approaches borrowing and servicing.

Work has already started to bring some relief to distressed farmers. As of today, more than 13,000 borrowers have already benefited from the resources provided under the Inflation Reduction Act, according to USDA.