UPDATE: What’s in USDA’s New Coronavirus Food Assistance Program?
By American Farm Bureau Staff
This article is an update to a previous Market Intel that was posted, changes made to the previous article will be in strikethrough and bold. American Farm Bureau Federation and state Farm Bureau presidents held a call with officials at USDA ; these changes reflect discussions held on that call.
To provide immediate financial assistance to farmers and ranchers impacted by COVID-19, e.g., Coronavirus Sends Crop and Livestock Prices into a Tailspin and Pandemic Injects Volatility into Cattle and Beef Markets, the Coronavirus Aid, Relief, and Economic Security Act provided the secretary of Agriculture with an immediate $9.5 billion and the Commodity Credit Corporation with a $14 billion replenishment, which will be available in July (What’s in the CARES Act for Food and Agriculture). On April 17, USDA unveiled details of the much-anticipated CARES Act assistance package for agriculture, which includes $16 billion in direct payments to farmers and ranchers and $3 billion in food product purchases for distribution.