Alberta’s hog and potato producers are facing COVID-19-related challenges due to reduced capacity at processing plants and variations in food service and consumer buying patterns. Targeted changes to the AgriStability Interim Payment Program will help hog and potato producers experiencing these disruptions.
AgriStability interim applications allow AgriStability participants to estimate an advance on potential benefits for the current program year. The interim benefit is based on the farm’s estimated margin decline or loss for the program year, compared to its estimated reference margin. This decline must exceed 30 per cent for an interim benefit to be triggered. Interim advances are paid out at 50 per cent of this estimated benefit.
On May 7, 2020, the Government of Alberta announced that participating hog and potato producers who trigger an interim benefit will receive 75 per cent of the estimated benefit. This increase from 50 to 75 percent is intended to assist with cash-flow issues being experienced by producers in these sectors.
Producers receiving an interim benefit payment must be enrolled in AgriStability and need to submit all final program forms by the required deadlines.
What are interim payments?
An interim benefit is an advance payment under AgriStability. It assists with cash flow prior to the completion of your current program year. In situations where participants have suffered large income declines, interim benefit calculations give them the option to receive an advance payment prior to the end of the program year.
Changes to the interim payment program mean participating hog and potato producers can receive an advance on their benefits of up to 75 per cent of their final payment.
Do I have to be enrolled in AgriStability to receive the interim payment?
Yes, you need to be enrolled in the program. The enrolment deadline has been extended to July 3, 2020 to allow additional producers to benefit from the whole-farm protection of AgriStability.
When can I apply?
Participating producers can apply for an interim benefit upon completing six months of farming, and up to 90 days after the completion of their program year. AgriStability administration may waive the six months of farming.
Who is eligible to apply for the interim payments and what are the eligibility requirements?
All AgriStability participants are eligible to apply for an interim. Hog producers and potato producers are eligible to receive 75 per cent of their estimated benefit; all other producers are eligible to receive 50 per cent of any estimated benefit. Detailed eligibility requirements are available in the AgriStability Handbook.
Where can I find the interim application?
You can download the Interim Application from the AFSC website.
What if my 2019 AgriStability application is not completed?
AFSC will estimate the 2019 margin based on your other historic years. If a producer has their 2019 financial and supplementary information complete, this information may be forwarded to AFSC with the interim application to more accurately reflect your reference margin.
What information do I need to apply for the interim payment?
In order to apply, you need to pay your program fee and submit a completed interim application to AFSC. This application includes estimated production for the year. The program year is typically estimated based on the averages of the prior reference years. To more accurately reflect the current financial situation, producers may submit year-to-date income and expense information combined with a projection for the remainder of the fiscal year.
New or returning participants for the 2020 program year will be required to submit their historical information in order for AFSC to calculate an interim.
If you would like additional information, please log into Connect to live chat, call our Client Service Centre at 1.877.899.2372 or contact your branch office. We are here to answer your questions and assist you.