What’s in the Stimulus Package for Beef Producers?
Courtesy of Texas Cattle Feeders Association
The Senate and the House passed, and President Trump signed into law Phase 3 of the Coronavirus Relief Package. The bill provides USDA with $9.5 billion in funding to provide support for agricultural producers impacted by coronavirus, including livestock producers, dairy and specialty crop producers. Additionally, the bill replenishes $14 billion in funding for the Commodity Credit Corporation, which is often used to stabilize, support and protect farm income and prices. Find a summary of the agriculture provisions here.
Following passage, NCBA, TCFA and other state affiliates immediately sent a letter to Sec. Perdue asking him to take immediate action to provide relief to cattle producers quickly. Additionally, a bicameral, bipartisan letter to USDA urging swift action to provide assistance to cattle producers using the resources appropriated in the CARES Act was circulated on the Hill today for signatures. Rep. Henry Cuellar (D-Laredo), Rep. Dusty Johnson (R-SD) and Sen. John Thune (R-SD) were the original authors of the letter.
Of note, the stimulus also provides aid to small businesses who need to maintain payroll by providing eight weeks of cash-flow assistance through 100% federally guaranteed loans to small employers who maintain their payroll during the pandemic. The provision is retroactive to Feb. 15, 2020. More information can be found here.