COVID-19 Resources | Agriculture
The United States Department of Agriculture (USDA) has set up a website to address the COVID-19 pandemic. This website contains FAQ’s and actions taken by the USDA in response to the Coronavirus.
USDA OPPORTUNITIES FOR IMMEDIATE RELIEF
USDA Rural Development has taken several immediate actions to help rural residents, businesses and communities affected by the COVID-19 outbreak. This includes immediate relief for Rural Housing Service, Rural Utilities Service and Rural Business-Cooperative Service.
Rural Housing Service
- Borrowers with USDA single-family housing Direct and Guaranteed loans are subject to a moratorium on foreclosure and eviction for a period of 60 days. This action applies to the initiation of foreclosures and evictions and to the completion of foreclosures and evictions in process.
- Multi-Family Housing is taking several steps to help owners, management agents and tenants maintain quality housing during the COVID-19 outbreak.
Rural Utilities Service
- On March 20, 2020, USDA extended the deadline for Telecommunications and Electric Program borrowers and grantees to submit their annual CPA audit by 60 days.
- USDA is waiving borrower covenant requirements for loan agreement financial ratios for the period of Jan. 1, 2020, through Dec. 31, 2020. Additionally, USDA is waiving all financial reporting requirements associated with existing Rural Utilities Service (RUS) loan and grant covenants beginning Jan. 1, 2020 through June 30, 2020.
- On a case-by-case basis, USDA will help Electric Program borrowers gain access to obligated funds more quickly at current low-interest rates by considering extensions of loan terms (within statutory limits); considering requests to move obligated funds between the Electric Program’s six budget purposes where the new purpose has cleared environmental review, and by considering Temporary Normal Inventory (TNI) requests.
Rural Business-Cooperative Service
- Beginning immediately, through July 31, 2020, USDA Business and Industry Loan Guarantees (B&I) and Rural Energy for America Program (REAP) Guaranteed lenders may assist borrowers experiencing temporary cash flow issues by deferring payments for a period no longer than 120 days.
- For existing Intermediary Relending Program (IRP) and Rural Economic Development Loan (REDL) borrowers, the Agency is committed to maintaining well-capitalized intermediary lenders and will work with you on loan servicing requests on a case-by-case basis to make sure you remain a pillar in our rural business communities.
See the full press release with details for each program here.