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USDA Implements Immediate Measures to Help Rural Residents, Businesses and Communities Affected by COVID

Post Date:03/27/2020 2:56 PM

USDA_RD_SA_COVID19_ProgramImmediateActions

USDA Rural Development is providing opportunities for relief from the COVID-19 outbreak. Highlights of these opportunities are summarized below. Please see USDA's full release for complete details and who to contact.

Rural Housing Service

Single-Family Housing Program

  • Moratorium on foreclosure and eviction for a period of 60 days.
  • Guaranteed Loan borrowers in default or facing imminent default can have payments reduced or suspended by their lender.
  • Waived or relaxed application process for Single-Family Housing Direct Loans
  • Payment assistance package for Direct Loan borrowers.
  • Moratorium Assistance for Direct Loan borrowers experiencing medical expenses (not covered by insurance) or job loss.

Multi-Family Housing

  • Tenant certification deadline extension with no fees or overage charges.
  • Late fees on Section 515 mortgages will be waived.
  • Deadline for Section 515 annual financial statements extended.

Rural Utilities Service

  • Deadline for Telecommunications and Electric Program borrowers and grantees to submit their annual CPA audit is extended.
  • Waiver of borrower covenant requirement for loan agreement financial ratios for the period January 1, 2020 through December 31, 2020.

Rural Business-Cooperative Service

  • Through July 31, 2020, USDA Business and Industry Loan Guarantees (B&I) and Rural Energy for America Program (REAP) Guaranteed lenders may assist borrowers by deferring payments for up to 120 days.
  • Existing intermediary borrowers have the authority to service loan portfolios independent of USDA. Intermediary borrowers may approve loan payment deferrals. These programs include:
  • Intermediary Relending Program
  • Rural Business Development Grant
  • Rural Economic Development Loan and Grant
  • Rural Microentrepreneur Assistance Program

Extension of Application Deadlines

Rural Business-Cooperative Service

  • USDA extended the application deadline for the Rural Business Development Grant program to no later than April 15, 2020.
  • USDA extended the application deadline for the Rural Energy for America Program to April 15, 2020.

For complete details including contact information, please see USDA's full release.

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