The Market Facilitation Program 2 was initially started in Senator Hoeven’s office shortly or even before MFP 1 was released. To date, the MFP 2 has released $2.5 billion of the $14.5 billion allocated. In North Dakota this is a mixed bag with a lot of counties not accepting applications at this time, or not equipped to do so at this time. I have spoken with D.C. and they are releasing a software fix this week that should help the more “complex” issues. So fingers crossed, I hope this works and all of our insureds are able to sign up for this much needed assistance.
The WHIP or Western Hurricane Indemnity Program which was passed on June 6th has had a lot of misinformation, and rumors surrounding it. Here is what we know so far. The package is generally targeted to those in disaster counties, although we believe prevent plant payments will be broader, applying to all those who received a crop insurance prevent plant indemnity.
Prevent Plant supplemental payments will be a payment equal to 10% of crop insurance PP indemnity, with an additional 5% to those who purchased Harvest Price Option. We have been advocating this be done through crop insurance where possible to ease the load on FSA, and we have assumed this PP eligibility will extend beyond the “disaster declared counties” although these details have not yet been released.
Producers who suffered loss of harvested crop stored in on-farm structures will receive assistance through On-Farm Storage Loan Programs, but there are no details.
Pay limit per year is $125,000 unless 75 percent of income is derived from farming in which case the pay limit is $250,000. Combined maximum for 2018, 2019, and 2020 crop years is $500,000.
We are continuing to monitor the events as they unfold as well as the worsening harvest conditions across the state. Please make sure you are in contact with your agent for questions, and loss concerns during this years harvest.