Cattle and hog producers now have until Sept. 30, 2010 to repay cash advances they got from the federal Advance Payment Program (APP). The first $100,000 of each producer’s advance will continue to be interest free.
The Canadian Federation of Agriculture had recently asked the government for such an extension as part of the CFA’s pre-budget wish list.
The extension of the repayment deadline will apply to regular and emergency loans taken by cattle and hog producers during the 2008-09 period. The stay of default covers more than $450 million in advances, the government said.
Producers can still apply for APP emergency advances until March 31, and regular APP advances will still be available. Beginning in April, producers who meet eligibility criteria can apply for 2009-10 regular advances, the government added.