U.S. Department of Agriculture announced almost $800 million to distressed farm loan borrowers to keep farmers and ranchers producing.

The funds are part of $3.1 billion in assistance to distressed farm loan borrowers under this year's Inflation Reduction Act, according to an Oct. 18 USDA news release. The assistance is intended to offset the unique challenges, including those driven by the still-ongoing pandemic, faced by the nation's food producers.

"Through no fault of their own, our nation's farmers and ranchers have faced incredibly tough circumstances over the last few years," USDA Secretary Tom Vilsack said in the release. "The funding included in today's announcement helps keep our farmers farming and provides a fresh start for producers in challenging positions."

Inflation Reduction Act directs USDA to expedite assistance to distressed direct or guaranteed loan borrows whose loans are administered by the department's Farm Service Agency, particularly those whose operations face financial risk, according to the release.

USDA's announcement noted the initial process to provide assistance to distressed farm loan borrowers through several complementary approaches, all aimed at keeping food producers producing, the release reported. Among other things, the Farm Service Agency is working to provide quick assistance to financially troubled borrowers, to remove barriers that may be preventing food producers from returning to their farms and ranches.

"Through this assistance, USDA is focused on generating long-term stability and success for distressed borrowers," the news release said.

Payments, as with all USDA assistance, must be reported as income, which means borrowers should discuss the assistance with their tax advisors. USDA also is offering additional assistance to guide borrowers through the procedure, according to the release.