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USDA to extend deadlines and defer interest because of COVID-19

The USDA’s Risk Management Agency is authorizing Approved Insurance Providers to extend deadlines for premium and administrative fees, defer interest accrual, and allow other flexibilities to help farmers and ranchers because of COVID-19.

Ag Secretary Sonny Perdue says USDA recognizes that the industry has been hurt by the pandemic and is continuing to extend flexibility to help ease the burden on farmers and ranchers.

The USDA says it will authorize Approved Insurance Providers to give policyholders more time to pay premium and administrative fees and to waive accrual of interest to the earlier of 60 days after their scheduled payment due date or the termination date on policies with premium billing dates between August 1 and September 30.

USDA is also authorizing AIPs to provide up to 60 days for policyholders to make payment and waive interest for written payment agreements between August 1 and September 30.

RMA says it is authorizing more flexibilities while continuing to support producers and work through AIPs to process policies, claims, and agreements.

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