Changes to cash advance program for 2015
By Top Crop Manager
Apr. 2, 2015 - The federal government is enhancing the Advance Payments Program (APP) to improve and streamline administration, provide greater flexibility and more repayment options, and ease access to the program for producers.
Starting April 1, producers can now request advances for all their commodities through one application with a single administrator, significantly reducing their paper burden.
In addition, there is no longer a requirement for a farmer to be principally occupied in farming in order to utilize APP.
According to a news release, the new Act also allows for further improvements to be implemented once amendments to the related regulations are completed.
The APP is a federal loan guarantee program that helps agricultural producers benefit from the best market conditions by improving their cash flow throughout the year.