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Federal Government's Stay of Default Details For 2018 Advance Payments Program

The Federal Government announced a stay of default last week on repayments for the 2018 Advance Payments Program giving farmers another six-month extension.

Rick White, President, and CEO of the Canadian Canola Growers Association says farmers won’t have to do anything in order to take advantage of the extension.

“They do still continue to enjoy and take advantage of the interest-free portion of 2018 that is included in the extension. The rollover provision to move their 2018 into 2019 is still in play; although the deadlines for both those programs are now going to be at the end of September. So, those are lined up on the same date. So now both 2018 and 2019 will come due on September 30.”

He notes there are still a number of outstanding payments that are owed under the program through the CCGA.

“In our instance, there are still about 1600 farmers with 2018 balances, that amounts to about $136 million left outstanding. So those 1600 farmers with that money outstanding will now have an extra six months to pay that debt down as they, deliver that grain.”

White says farmers who have questions about their cash advance should contact the CCGA or their program administrator.

 

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