USDA Extends Maturity of Most Marketing Assistance Loans

WASHINGTON, DC – Producers now have more time to repay Marketing Assistance Loans (MAL) as part of USDA’s implementation of the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020. The loans now mature at 12 months rather than nine, and this flexibility is available for most commodities. Effective immediately, producers of eligible commodities now have up to 12 months to repay their commodity loans. The maturity extension applies to nonrecourse loans for crop years 2018, 2019 and 2020. All new loans requested by September 30, 2020, will have a maturity date 12 months following the date of approval. Eligible commodities include corn, cotton (upland and extra-long staple), dry peas, grain sorghum, oats, peanuts, rice (long and medium grain), soybeans, wheat, wool, canola, sunflower seed, and sesame seed.