Cattle and hog producers who need it have been given additional time to repay cash advances under the Advance Payment Program.A stay on the repayment of livestock advances was announced Friday by agriculture minister Gerry Ritz.”Today, we are providing the extra time that will give producers the breathing room they need to seize market opportunities and improve their bottom line” said Ritz, in a news release.Producers who took an advance in 2008-09 faced the prospect of repaying large cash advances this fall, creating cash-flow pressures. A stay of default allows livestock producers to spread their repayments out over a longer period of time and avoid default.Two new stays of default come into effect on Oct. 1. Cattle producers will have until March 31, 2012 to repay amounts owed, with regular repayments to begin eight months from the start of the stay.Hog producers will have until March 31, 2013 to repay amounts owed, with regular repayments to begin 18 months from the start of the stay.Producers can contact their program administrator for more details. Regular APP advances will continue to be available to producers who meet the program eligibility criteria.
Cash advance repayment deadline extended
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