Hoeven: FSA Expanding Loan Repayment Relief to Farmers Impacted by COVID-19
Senator Urged FSA to Extend Loan Flexibility throughout Pandemic
WASHINGTON – Senator John Hoeven, chairman of the Senate Agriculture Appropriations Committee, today announced that the U.S. Department of Agriculture’s (USDA) Farm Service Agency (FSA) is expanding its Disaster Set-Aside (DSA) loan provision to cover farmers impacted by the coronavirus disease 2019 (COVID-19) pandemic. This authority, which normally applies to natural disasters, allows eligible producers to set aside their next payment for a FSA direct loan until the maturity date of the loan, or up to twelve months for annual operating loans. Earlier this year, Hoeven urged the FSA to ensure flexibilities under its loan programs, like the DSA, remain in place throughout the duration of the pandemic and subsequent economic recovery.
“Adequate cash flow is a critical part of ensuring producers can maintain their operations during this challenging time,” said Hoeven. “Expanding the DSA provision is another tool to help farmers, who should work with their local FSA office to determine their eligibility.”
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