USDA’s Risk Management Agency will defer accrual of interest for all farmer’s spring 2019 crop year premiums, due to the extreme weather conditions, for two months or until November 30. That’s for all policies with a premium billing date of August 15. According to the USDA, any premium not paid by one of these new deadlines will accrue interest consistent with terms of the policy. Without the deferral, policies with an August 15 premium billing date would have an interest attach starting October 1 if policies weren’t paid by September 30.
Subscribe to RRFN
Get a weekly digest from RRFN to stay up-to-date on all the latest news in agriculture.