USDA gives producers more time to repay Marketing Assistance Loans
The USDA is allowing more time for producers to repay Marketing Assistance Loans as the industry faces challenges from COVID-19.
Effective immediately, producers of eligible commodities have up to 12 months to repay their nonrecourse loans for the 2018, 2019 and 2020 crop years. All new loans requested by September 30th will mature 12 months after the date of approval. Maturity for current, active loans will be extended an additional three months.
Ag Secretary Sonny Perdue says spring is when most producers have the biggest need for capital and consider putting commodities under loan. He says this action allows farmers more time to market their commodity and pay their loan.
Eligible commodities include corn, soybeans, wheat, upland and extra-long staple cotton, dry beans and rice to name a few.
Seed cotton and sugar are NOT eligible.
Click here for more information on MAL repayments and eligible commodities.