Cattle and hog producers who have repayments owing under the federal Advance Payment Program (APP) have been granted a break on their deadlines.
“We are providing the extra time that will give producers the breathing room they need to seize market opportunities and improve their bottom line,” federal Agriculture Minister Gerry Ritz said in a release.
Eligible producers have been granted a “stay of default,” which allows them to spread their APP repayments out over a longer period of time and avoid default.
Two new stays of default will take effect Oct. 1, the government said. Producers can contact their APP administrators for more details and to establish new repayment schedules.
Cattle producers will get until March 31, 2012 to repay amounts owed, with regular repayments to begin eight months from the start of the stay.
Hog producers, meanwhile, will have until March 31, 2013 to repay amounts owed, with regular repayments to begin 18 months from the start of the stay.
Regular APP advances will continue to be available to producers who meet the program eligibility criteria, the government said.