The US Department of Agriculture will temporarily suspend past due collections and foreclosures for the on-farm storage facility loan and direct-to-farm loan due to the pandemic, according to a press release from the USDA.
The suspensions are in place until further notice and are expected to continue as long as the national COVID-19 disaster declaration is in place.
The department will temporarily suspend non-judicial foreclosures, debt set-offs and wage recoveries, or foreclosures, as well as foreclosures at the US Department of Justice.
USDA has extended timelines for producers to respond to loan management measures, including loan deferral counterpart for financially distressed and delinquent borrowers, and changes are also available for loan program lenders. guaranteed.
The Farm Service Agency lends to more than 129,000 farmers, ranchers and producers. About 12,000 borrowers, or 10% of all borrowers, are eligible for one of the suspensions.
“The USDA and the Biden administration are committed to providing relief and support to farmers, ranchers and producers from all walks of life and at all financial levels, including ensuring that producers have access to temporary relief from the debt, ”Deputy Chief of Staff Robert Bonnie said in the press release.
Producers can contact the county Agricultural Services Agency offices to learn more about these changes to loan terms and available loan service options. The Victoria County office can be reached at 361-576-1129, ext 2, and Calhoun County is at 361-552-2969, ext 2. More information can be found online at farmers.gov/coronavirus and farmers.gov.