President Donald Trump signs into law a $2 trillion economic stimulus package that includes $23.5 billion in aid to farmers and ranchers as well as marketing loan relief.

Congressional leaders have reached agreement on a $2 trillion economic rescue package that would replenish the Agriculture Department’s Commodity Credit Corp. authority and earmark additional money for livestock and specialty crop producers as well as local agriculture.

Some farm lenders are bracing for what could appear on the horizon as the human and economic fallout from COVID-19 unfolds.

A massive economic stimulus bill that congressional leaders are rushing to finish could allow the Agriculture Department to provide multiple forms of aid to different sectors hit by the coronavirus epidemic as well as a fresh round of Market Facilitation Program payments, a key senator says.

The Market Facilitation Program has made a significant difference in liquidity for many farms across the country, including Midwest grain operations as well as cotton and rice growers, but many farms are still likely to end this year with negative ending cash, according to an analysis of the trade assistance.

Agriculture Secretary Sonny Perdue, who insists he’s optimistic about a farm economy rebound this year, faces a pair of congressional hearings this week where he is certain to face further grilling about trade prospects and future of the Market Facilitation Program.

Agriculture Secretary Sonny Perdue says there is less than a 10% chance that farmers will get more Market Facilitation Program payments this year and that China is sending “signals” it intends to honor its pledges to ramp up purchases of U.S. farm commodities.

The biofuel industry is eagerly anticipating a decision from the Trump administration on future small refinery exemptions this week, while Agriculture Secretary Sonny Perdue heads to Capitol Hill for a grilling on the Market Facilitation Program, food stamps and other issues.

The split between lawmakers and farmers over President Donald Trump’s trade war with China and the results of a “phase one” deal was highlighted Wednesday at a hearing on Capitol Hill.

Farmers across the Corn Belt and northern Plains along with producers in California, western Texas, and the lower Mississippi River Valley have been the biggest beneficiaries of the Trump administration’s Market Facilitation Program over the past year, according to data obtained by Agri-Pulse.