The federal and provincial governments have agreed to increase the 2020 AgriStability interim benefit payment percentage from 50 per cent to 75 per cent for Saskatchewan Producers.
Interim benefits can provide producers with a portion of their final AgriStability benefit early, to help support losses and cover costs. With this increase, Saskatchewan producers can apply for an interim benefit to receive 75 per cent of their estimated final 2020 benefit before completing their program year. Saskatchewan Crop Insurance Corporation (SCIC) is also waiving the six months farming and one production cycle criteria for participants applying for 2020 interim benefits.
Interim benefits are calculated based on the farm’s estimated program year margin, relative to its estimated reference margin. The estimated program year margin must show a decline of 30 per cent or more compared to the estimated reference margin. If a producer receives an interim benefit payment, they must still file all final program year forms and meet program requirements by the assigned deadlines. The Government of Canada and Saskatchewan understand the challenges facing producers during the unprecedented times created by the COVID-19 pandemic.
More information can be found on the SCIC website: https://www.scic.ca/agristability?gclid=Cj0KCQjwn7j2BRDrARIsAHJkxmyIkiJEc-qwPtZGs-ci7WHaBmv4_w09JXgnPs2_nYMxjsUh8qfFxQwaAnLeEALw_wcB