USDA allowing eligible farmers to skip a payment


USDA allowing eligible farmers to skip a payment

The USDA is allowing eligible farmers with USDA farm loans who are affected by COVID-19 to skip their next payment. FSA might also allow a second payment to be skipped for farmers who have already had one payment set aside because of a previous designated disaster.

FSA Administrator Richard Fordyce says this allowance can help farmers improve their cash flow during the challenges of the COVID-19 outbreak.

The set-aside payment due date will be moved to the final maturity date of the loan or extended up to 12 months in the case of an annual operating loan. Any principal set-aside will continue to accrue interest until it is repaid.

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