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

    March 26, 2020

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

    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.