USDA Express Loan Act of 2026
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The USDA Express Loan Act of 2026 aims to streamline the loan application process for farmers and rural businesses through the U.S. Department of Agriculture. It introduces simplified application forms and faster approval timelines for certain loan guarantees, particularly for smaller loans. The bill focuses on accelerating the review of business and industry loans and adjusting the maximum guarantee percentages based on the loan amount. This is intended to make it easier for rural communities to access capital.
Key provisions
- Creation of a short, simplified application form for real estate and operating guaranteed loans up to $1,000,000.
- A 5-business-day timeframe for the USDA to notify lenders of loan application approval or disapproval.
- Adjusted maximum guarantee percentages based on loan amounts ($125,000, $500,000, and $1,000,000).
- Development of an accelerated application process for business and industry guaranteed loans up to $400,000.
- An exception to the accelerated process for loans up to $600,000 if the Secretary determines a low risk of default.
- Removal of subsection (h).
Who is affected
- Farmers
- Rural Businesses
- U.S. Department of Agriculture (USDA)
- Lenders
- Rural Communities
Notable changes
- Introduction of simplified application forms for specific loan types.
Bill text
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2 on record
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