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A FINAL $306 MILLION ERP PAYMENT WILL BE PAID FOR 2020 AND 2021 DISASTERS

By Paul Neiffer February 8, 2024



USDA announced on February 6 that they will start issuing final 2020 and 2021
ERP Phase 1 payments to growers.

Growers were originally paid 75% of the estimated damage amount for 2020 and
2021. This final payment represents an additional 3.5% for a final top-off of
78.5%.

However, many farmers will not receive additional payments if they have already
hit the payment limit of $125,000 which is a combination of Phase 1 and Phase 2
for each of those years. Let’s look at an example:









Betty received a 2020 ERP Phase 1 payment of $100,000. She also received a Phase
2 payment of $21,375. The $100,000 payment equates to a total calculation of
$133,333. 3.5% of this number is $4,667, however, she is limited to a final
payment of $3,625.

This payment is for damage in 2020 and 2021, therefore, it cannot be deferred to
2025 and will need to be reported as income when received in 2024.

 










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Farm Business - General
 




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