On Tuesday, the Trump administration announced details of the Coronavirus Food Assistance Program, which will provide up to $16 billion in direct payments to farmers and ranchers. Starting May 26th, the Department of Agriculture will accept applications from farmers who have suffered losses of 5% or more. Funds come from the $9.5 billion in appropriated funding provided in the CARES dedicated to agriculture and $6.5 billion from the Commodity Credit Corporation.
Farmers will receive a combined total from C-FAP and the CCC of 95 cents per bushel for soybeans, and 67 cents for corn. The payment rate for cattle is $247 per-head of slaughter cattle, $171 per-head of feeder cattle over 600 lbs, and $45 for hogs under 120 lbs.
There is a payment limitation of $250,000 per person or entity.
The remaining portion of the payment will be paid later. Producers can apply through their local FSA office, and applications will be accepted through August 28, 2020.
Visit the USDA’s Website to learn more or to apply.
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