The Department of Agriculture may roll out a plan to provide relief to farmers this week. Reuters reports the plan may be unveiled soon, as part of the billions of dollars in funding made available to farmers and ranchers through the CARES Act.
USDA sources say the initial plan will include direct payments to farmers, using CARES Act funding, and other resources. The CARES Act includes $9.5 billion in dedicated disaster funding, along with $14 billion to replenish the Commodity Credit Corporation. However, USDA previously indicated the CCC funding cannot be used until later this summer.
The CCC has $6 billion in borrowing authority left out of $30 billion allowed annually, until June 30. The $9.5 billion is expected to be used to assist livestock producers, along with fruit and vegetable growers, and those who sell direct to consumers. USDA expects to announce additional aid phases as funding becomes available later this summer.