Ag and Rural Businesses Eligible for More Pandemic Support

Ag and Rural Businesses Eligible for More Pandemic Support

08/27/2020 Tags: Announcements, In the News, COVID-19, CARES Act

Note: The following information has been updated on Aug. 27, 2020, to include details about additional commodities that are available for the Coronavirus Food Assistance Program as well as the extended Sept. 11, 2020, deadline.

The U.S. Department of Ag recently greenlighted additional commodities as part of the Coronavirus Food Assistance Program. The department reviewed more than 1,700 public comments about the program.

The USDA also extended the deadline to apply for the program to Sept. 11. Producers with approved applications will receive their final payment.

More support is now available for rural and ag businesses that have been hit especially hard by the pandemic.

First up, the Coronavirus Food Assistance Program will “provide direct relief to producers who faced price declines and additional marketing costs due to COVID-19.” The CFAP will help to producers who suffered a 5% or more decline or who had losses because of COVID-19 supply chain disruptions.

Starting Tuesday, May 26, the U.S. Department of Agriculture will accept applications from those ag producers who suffered losses. Farm Service Agencies will work with producers by phone and through email to process the applications.

Also, on May 22, The U.S. Department of Agriculture began taking applications for a $1 billion loan program “to help rural businesses meet their working capital needs during the coronavirus pandemic.”

According to the news release, “[A]gricultural producers that are not eligible for USDA Farm Service Agency loans may receive funding under USDA Business & Industry CARES Act Program provisions.

Farmers and ranchers might also have more time to repay their Farm Service Agency Marketing Assistance Loans. To see details, click the “Commodity Loan Flexibilities” button here:

Ag producers and rural businesses can also review the USDA’s federal resource guide to see what other options might be available to them.

Be sure to take a look at our resources about EIDL and PPP loans to see if those financial options might also be right for you.

If you have questions about resources available to your rural or ag business, contact our team today.

This communication is intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.

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