Reviewing Coronavirus Food Assistance Program Details
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 Agriculture secretary with an immediate $9.5 billion and the Commodity Credit Corporation with a $14 billion replenishment, i.e., What’s in the CARES Act for Food and Agriculture. Combining existing CCC funding of $6.5 billion with the $9.5 billion appropriated, the secretary created a $16 billion Coronavirus Food Assistance Program that will provide direct payments to farmers and ranchers to partially offset COVID-19 related losses for livestock and specialty and non-specialty crops. On May 19, USDA unveiled the details of these payments, which are highlighted in this article.