Phase 3 COVID-19 response includes $50 billion to help AG producers, ranchers
Senator John Hoeven, Chairman of the Senate Agriculture Appropriations Committee, announced Sunday that he secured $50 billion in funding authority for the U.S. Department of Agriculture (USDA) in the Phase III COVID-19 response legislation to help farmers and ranchers. Specifically, the legislation, which is being considered by the Senate, includes provisions to:
Replenish $30 billion in Commodity Credit Corporation (CCC) funding authority for the U.S Department of Agriculture (USDA)
Increase the CCC borrowing authority an additional $20 billion for USDA to respond to COVID-19
Enable USDA to utilize CCC funding to assist livestock producers.
The legislation is expected to be voted on by the Senate Monday.