Iowa Farm Bankruptcies Continue To Rise, Despite Aid
There were 27 farm bankruptcies in Iowa in 2019 — more than double the 13 bankruptcies in 2018, the American Farm Bureau Federation reported. This was despite the $1.58 billion the federal government paid Iowa farmers in Market Facilitation Program payments to ease losses because of the trade dispute with China.
Later this month, we’ll know how many Iowa farms went bankrupt in 2020, but Iowa State University economics professor and crop markets specialist Chad Hart said to expect another increase.
“The government has provided a lot of short-term funding to help farmers get through the year,” Hart said, referring to market facilitation and coronavirus food assistance programs, which funneled two rounds of aid to farmers in 2020.