The agency is entering its final week of acreage reporting. To date, we have close to 100,000 acres of prevent plant keyed, verified, and paid. Our team of adjusters from our partner AIP’s have been doing an outstanding job so far in getting claims worked and paid. Although our reach is far, and different regions are battling various issues, this letter is for important upcoming dates. I will send out some harvest reports later in the month.
- Cash Hail discount for early payment was extended this year from July 15th to August 15th (this Saturday). In most cases, this represents a 5% savings on premium that is due Oct 1st. This would represent an annual interest rate of 40% if you do not pay early! (360/45*.05). Please contact the office to facilitate payment. Note that all checks must be postmarked prior to August 15th. Do not wait until the last minute to mail as USPS has been unreliable during the pandemic.
- WHIP+ As of Today, there is still no deadline to apply, but please do so ASAP. This program has been the biggest support for farmers that have suffered losses to date. Please note there has been a long lag time with applying and getting paid, along with numerous administrative challenges with the program itself. WE WILL HELP YOU FILL OUT THESE FORMS IF YOU NEED ASSISTANCE. PLEASE CONTACT OUR OFFICE, DO NOT LET FREE MONEY GO TO WASTE.
- CFAP As of Monday, USDA disbursed $6.8 billion in Coronavirus Food Assistance Program (CFAP) payments, nowhere near the budgeted $16 billion. With the August 28th signup deadline nearing, the USDA is beginning to receive inquiries about unused funds. In a statement to Agri-Pulse, the USDA said it will save any unused CFAP dollars to help provide farmer assistance during the “remainder of 2020 and into 2021.” The lower aggregate payment of benefits is attributed to a far greater than expected impact of payment limitations, and inventory and marketing rules that precluded many from receiving help. (Which we advocated fiercely to remove in negotiations.) WE WILL HELP YOU FILL OUT THESE FORMS IF YOU NEED ASSISTANCE. PLEASE CONTACT OUR OFFICE, DO NOT LET FREE MONEY GO TO WASTE.
- With an August 8 deadline to apply for the Paycheck Protection Program (PPP) and $130 billion remaining, lawmakers are looking to repurpose the funds and add new money to PPP with some changes. While the changes appear very positive, including reopening a window to revise original loan applications consistent with new regulations, the language lacks important clarity for who would be included. A key concern related to any potential change is making sure farms receive similar and equitable treatment, regardless of their business structure — Whether a sole proprietorship, general partnership, LLC, LLP, C-Corp. Sub S, etc. WE WILL HELP YOU FILL OUT THESE FORMS IF YOU NEED ASSISTANCE. PLEASE CONTACT OUR OFFICE, DO NOT LET FREE MONEY GO TO WASTE.
- Senator Grassley (R-IA) warned earlier this week that agriculture and relief for many others could be left behind in favor of a skinny bill that only covers the most immediate needs, such as lapsed unemployment benefits, leaving other relief efforts for September debate. The Chairman of the Finance Committee added that he wants the word “ethanol” included in any agriculture relief package but said he doubted negotiators had even discussed agriculture, let alone arrived at a stance on the contours of relief. Meanwhile, Senate Agriculture Committee Ranking Member Debbie Stabenow (D-MI) warned that she will not support aid to farmers and ranchers without an increase in nutrition benefits. When asked to comment on Senator Stabenow’s stance, Senate Agriculture Appropriations Subcommittee Chairman John Hoeven (R-ND) declared that he is alright with additional nutrition assistance, but that the new funding “should not reduce assistance for our farmers and ranchers.” Last week, the USDA announced that nutrition assistance had increased by 5 percent. For his part, Senator Chuck Grassley wants the word “ethanol” included in the final package to ensure aid is provided to ethanol plants.