[Congressional Record Volume 166, Number 140 (Thursday, August 6, 2020)]
[Senate]
[Pages S5304-S5305]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2609. Mrs. GILLIBRAND submitted an amendment intended to be 
proposed to amendment SA 2499 proposed by Mr. McConnell to the bill S. 
178, to condemn gross human rights violations of ethnic Turkic Muslims 
in Xinjiang, and calling for an end to arbitrary detention, torture, 
and harassment of these communities inside and outside China; which was 
ordered to lie on the table; as follows:

        At the appropriate place, insert the following:

     SEC. __. DIRECT FARM LOAN FORGIVENESS.

       (a) Definitions.--In this section:

[[Page S5305]]

       (1) Eligible borrower.--The term ``eligible borrower'' 
     means a borrower of an eligible loan that is actively engaged 
     in farming (within the meaning of section 1001A of the Food 
     Security Act of 1985 (7 U.S.C. 1308-1)) with respect to a 
     farming operation--
       (A) for which the eligible loan was made; and
       (B) the average annual adjusted gross income for the 
     previous 5-year period of which is not more than $300,000.
       (2) Eligible loan.--The term ``eligible loan'' means a loan 
     made before March 19, 2020, that is--
       (A) a direct farm ownership loan under subtitle A of the 
     Consolidated Farm and Rural Development Act (7 U.S.C. 1922 et 
     seq.);
       (B) a direct operating loan under subtitle B of the 
     Consolidated Farm and Rural Development Act (7 U.S.C. 1941 et 
     seq.); or
       (C) an emergency loan under subtitle C of the Consolidated 
     Farm and Rural Development Act (7 U.S.C. 1961 et seq.).
       (3) Secretary.--The term ``Secretary'' means the Secretary 
     of Agriculture.
       (b) Loan Forgiveness.--
       (1) In general.--Not later than 1 year after the date on 
     which the Secretary receives an application under paragraph 
     (2), subject to paragraphs (3) and (4), the Secretary shall 
     cancel the obligation to repay the balance of principal and 
     interest due as of the date of enactment of this Act on an 
     eligible loan for the eligible borrower.
       (2) Applications.--To be eligible for cancellation under 
     paragraph (1), not later than 1 year after the date of 
     enactment of this Act, an eligible borrower shall submit to 
     the Secretary an application, which shall cover all eligible 
     loans for which the eligible borrower is seeking 
     cancellation.
       (3) Limitations.--The total amount cancelled under 
     paragraph (1) with respect to a farming operation shall be 
     not more than $250,000.
       (4) Condition.--The cancellation of an obligation under 
     paragraph (1) shall be subject to the condition that the 
     applicable eligible borrower shall continue to be actively 
     engaged in farming (within the meaning of section 1001A of 
     the Food Security Act of 1985 (7 U.S.C. 1308-1)) for the 2-
     year period beginning on the date on which the Secretary 
     cancels the obligation under that paragraph.
       (c) Effect.--An eligible borrower that receives 
     cancellation of an obligation with respect to an eligible 
     loan under subsection (b)(1) shall not be determined to be 
     ineligible for any loan under subtitle A, B, or C of the 
     Consolidated Farm and Rural Development Act (7 U.S.C. 1922 et 
     seq.) because of that cancellation.
       (d) Taxability.--For purposes of the Internal Revenue Code 
     of 1986, any amount which (but for this subsection) would be 
     includible in gross income of the eligible borrower by reason 
     of forgiveness described in subsection (b) shall be excluded 
     from gross income.
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