Effective immediately, agricultural producers of eligible commodities now have up to 12 months to repay their Marketing Assistance Loans (MAL) as part of the USDA’s implementation of the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020. The commodity loans now mature at 12 months rather than nine, and this flexibility is available for most commodities.
The maturity extension applies to nonrecourse loans for crop years 2018, 2019 and 2020. Eligible open loans must be in good standing with a maturity date of March 31, 2020, or later; or new crop year (2019 or 2020) loans requested by Sept. 30, 2020. All new loans requested by Sept. 30, 2020, will have a maturity date 12 months following the date of approval. Find out more at farmers.gov/coronavirus.