Provinces are beginning to make changes to get AgriStability money into producers’ hands sooner.
Following last week’s move to extend the deadline to enrol in the business risk management program, Saskatchewan announced April 22 that it would bump up interim payment amounts from 50 percent to 75 percent.
This applies to estimated final 2020 benefits.
A cost estimate was not available.
Saskatchewan Crop Insurance Corp., which administers AgriStability, has waived the requirement that participants must have farmed for six months and gone through one production cycle for those who apply for the interim payment.
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The benefits are calculated on the farm’s estimated program year margin, relative to its estimated reference margin. The program margin must show a decline of 30 percent or more when compared to the reference margin.
Producers who receive interim payments must still file all final forms and meet deadlines.
Both federal agriculture minister Marie-Claude Bibeau and Saskatchewan ag minister David Marit said this will help farmers and ranchers with cash flow during COVID-19.
“In these uncertain times the AgriStability interim payment can help producers with cash flow needs,” Marit said in a news release. “If a producer qualifies for an interim benefit this is a great way to get additional funds for their operation before filing their final application.”
Farmers in Prince Edward Island, meanwhile, will see a top-up from their provincial government to increase AgriStability coverage from 70 percent to 85 percent.
Bloyce Thompson, minister of agriculture and land, said the measure, which includes removing the reference margin limit, would be in place for two years. It, too, is offering interim payments of up to 75 percent.
Together, the benefits will cost about $5.6 million.
P.E.I. also announced discounts for AgriInsurance and an investment of $4.7 million in the potato industry to mitigate the potato surplus. The money will go to the potato board to assist with shipping and storage so that product isn’t lost.
“The current global situation is creating uncertainty for our farm community and immediate
support is necessary for the sustainability of our agriculture industry and the long-term strength of our food supply system,” Thompson said in a news release.
Farmers in all provinces are able to take advantage of the enrolment deadline extension until July 3.
Contact karen.briere@producer.com
