USDA Risk Management Agency Extends Deadlines, Defers Interest
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USDA Risk Management Agency (RMA) announced that it will authorize Approved Insurance Providers (AIPs) to extend deadlines for premium and administrative fee payments, and that it will defer the resulting interest accrual and allow other flexibilities to help farmers, ranchers, and insurance providers due to the COVID-19 pandemic. Specifically, USDA is authorizing AIPs to provide policyholders additional time to pay premium and administrative fees and to waive accrual of interest to the earlier of 60 days after their scheduled payment due date or the termination date on policies with premium billing dates between August 1, 2020, and September 30, 2020. In addition, USDA is authorizing AIPs to provide up to 60 additional days for policyholders to make payment and waive additional interest for Written Payment Agreements due between August 1, 2020, and September 30, 2020.