USDA Extends Maturity for Marketing Assistance Loans
Agricultural producers now have more time to repay Marketing Assistance Loans (MAL) as part of the U.S. Department of Agriculture’s implementation of the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020. The loans now mature at 12 months rather than nine, and this flexibility is available for most commodities. Effective immediately, producers of eligible commodities now have up to 12 months to repay their commodity loans. The maturity extension applies to nonrecourse loans for crop years 2018, 2019, and 2020. Eligible open loans must be in good standing with a maturity date of March 31, 2020, or later or new crop year (2019 or 2020) loans requested by September 30, 2020. All new loans requested by September 30, 2020, will have a maturity date 12 months following the date of approval.
FSA Communicates to Lenders on FSA Loan Flexibilities
The Nebraska Farm Service Agency (FSA) sent a letter this week to all Nebraska FSA lending partners to share service options available to FSA guaranteed loan customers to help serve farmer and rancher customers during the COVID-19 crisis. The letter provides reminders to lenders of the servicing options available to FSA guaranteed loan customers, as well as notes specific concessions being made on certain servicing actions in order to expedite processing. These flexibilities are in place to serve producers, as well as FSA banking partners.
Guidance for Dairies Unable to Ship Milk
The Nebraska Department of Environment and Energy (NDEE) has issued guidance for milk disposal for dairies unable to ship milk to processors due to the COVID-19 pandemic. Included in the guidance are instructions related to disposal in livestock waste control facilities and appropriate steps for land application.
UNL to Host COVID-19 Economic Developments and U.S. Agriculture Webinar
The University of Nebraska-Lincoln’s Department of Agricultural Economics’ Farm and Ranch Management team will present a series of webinars focusing on COVID-19’s impact on agriculture in Nebraska. The first webinar will be held on Thursday, April 16, at 3 p.m. CT. The presentation, “COVID-19 Economic Developments and U.S. Agriculture,” will be delivered by Nathan Kauffman, branch executive, vice president and economist with The Federal Reserve Bank of Kansas City’s Omaha branch.