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FSA expands set-aside loan provision for customers impacted by COVID-19

Set-Aside Delays Loan Payments for Borrowers

 


Press release

WASHINGTON — USDA’s Farm Service Agency will broaden the use of the Disaster Set-Aside loan provision, normally used in the wake of natural disasters, to allow farmers with USDA farm loans who are affected by COVID-19, and are determined eligible, to have their next payment set aside.

In some cases, FSA may also set aside a second payment for farmers who have already had one payment set aside because of a prior designated disaster.

“This immediate change of the Set-Aside provision can provide some welcome financial relief to borrowers during this current crisis,”...



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