USDA Implements Measures to Help Rural Residents, Businesses and Communities Affected by COVID-19
USDA Implements Immediate Measures to Help Rural Residents, Businesses and Communities Affected by COVID
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.