Following the authorization of the second MFP payments, here are a few key points that growers should keep top of mind for operational and financial planning:
- As line of credit renewals are generally discussed with lenders now or within the next few months, producers should provide MFP documentation to the lender verifying the income that was received for the crop year.
- If a producer has already filed an application and submitted production, they will not have to take any action for this second round of payments.
- If a producer has not submitted an application, they have until January 15, 2019 to do so.
- FSA will not issue any payment until 2018 crop production is provided. Producers have until May 1, 2019 to provide this. There is no specified date for payments to be made.
- Remember, there is a $125,000 per person/entity limit for payments and they are subject to an average AGI limit of $900,000.
Here is a link to the USDA press release regarding the 2nd MFP payment:
Read more about the inclusions and information regarding the MFP on our blog:
Please feel free to contact Matthew Farrell, a K·Coe Isom Farm Program Services specialist, for questions surrounding this program, or for help navigating the application process.