USDA allowing eligible farmers to skip a payment
May 22, 2020 By Julie Harker Filed Under: 2020 Events, COVID-19, News
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
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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