Cattle, dairy and hog producers as well as corn and soybean growers are expected to collect the largest shares of USDA’s $16 billion in coronavirus relief payments, which are designed to compensate for losses in sales or market value between January and April.
Farmers can start enrolling next week for $16 billion in coronavirus relief payments, but the Agriculture Department has decided to prorate the aid to ensure there is enough money to go around, Agri-Pulse has learned.
Farm groups are awaiting the release any day of USDA’s requirements for $16 billion in direct payments to compensate producers for the market losses caused by the coronavirus crisis. OMB completed its review of the planned program on Friday.
It’s not everything that farm groups wanted, but the broad array of agricultural provisions in a $3 trillion coronavirus relief bill that the House is expected to vote on Friday are likely to find many supporters in the Senate.
House Democrats released a massive new coronavirus relief bill that would provide $16.5 billion in additional direct payments to farmers and authorize USDA to compensate producers who have to dispose of livestock and poultry that can’t be sold because of processing disruptions.
The Small Business Administration ran out of money Thursday for the highly popular forgivable loans that dairy operations and other farms and businesses that have been applying for in droves to pay workers amid the loss of sales during the COVID-19 crisis.
Hog producers are asking the Department of Agriculture to provide a direct influx of cash without eligibility restrictions as the industry expects to lose $5 billion for the remainder of the year due to the COVID-19 outbreak.
Without government relief, some analysts are sharply lowering their estimates of net farm income because of the impact of the COVID-19 crisis on agricultural markets, with the livestock sector and corn growers bearing much of the hit.
The American Farm Bureau Federation delivers the Trump administration a detailed list of requests to swiftly use its authority under the $2 trillion economic stimulus package to rescue “all sectors of agriculture” from the twin blows of plunging commodity prices and the COVID-19 pandemic.
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.