In the two weeks since the USDA began accepting applications for coronavirus relief, it has paid $1.96 billion to farmers and ranchers through the so-called CFAP2, according to data released on Thursday. The average payment was $20,639 on the 94,959 applications approved for assistance.
If farm subsidies were a crop, this year’s payments would fit the hoary rural adage, “big crops get bigger.” USDA supports, already forecast to set a record, could exceed $40 billion this year, thanks to the second round of coronavirus relief now available to farmers and …
During a re-election rally in rural Wisconsin on Thursday, President Trump announced an additional $13 billion in coronavirus relief for U.S. farmers and ranchers, more than doubling assistance to the sector. The money will be available beginning next week, said the president.
U.S. farm income, buoyed by record-setting farm subsidies this year, will sink in the new year with the disappearance of government payments to buffer the effects of the trade war and the coronavirus pandemic on agriculture, said the FAPRI think tank on Thursday. Farm groups and their allies in Congress are likely to seek billions of dollars in new federal assistance, said analysts.
The Trump administration is showering U.S. agriculture with the largest farm supports ever, an estimated $37 billion, chiefly through stopgap programs to mitigate the impact of the pandemic, said the Agriculture Department on Wednesday. As a result, farm income in 2020 would be the highest in seven years.
The USDA aims to release a new version of its coronavirus relief program for farmers and ranchers in the next couple of weeks, said Agriculture Secretary Sonny Perdue on Wednesday, with at least $14 billion available. President Trump has suggested the new program will boost coronavirus spending on producers to $34 billion this year — a record for farm subsidies.
Federal payments to farmers are forecast at a record $32 billion this year, with additional outlays all but certain due to the pandemic and economic recession, said two farm policy experts in gauging potential action in the near term.
In its largest payout since the program began, the USDA sent $2 billion in coronavirus aid to farmers and ranchers last week, most of it going to producers who had received a prorated payment earlier this summer.
More than half a million farmers and ranchers will get a second round of coronavirus relief payments, worth an estimated $1.4 billion, said the Agriculture Department on Tuesday as it made dozens of additional commodities eligible for aid and gave producers an additional two weeks, until …