Farm Progress is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Serving: East
Coronavirus
coronavirus-3-Getty-1204696189.jpg Getty Images/iStockphoto

Ag groups request USDA's borrowing ability expand to face COVID-19

The inclusion of these provisions would ensure the Secretary of Agriculture has the tools needed to meet this crisis head-on for all of agriculture.

Forty-eight agriculture groups are calling on Congress to expand USDA’s borrowing authority under the Commodity Credit Corporation. Congress must act to ensure the CCC has the authority and funding to assist farmers and ranchers facing serious cash flow challenges during the coronavirus pandemic.

The letter, addressed to both Senate and House leaders reads, “Farmers, ranchers and the supply chain that support them will not let Americans down during this unprecedented crisis and they are asking the same of you. Millions of producers will need help with cash flow given the rapid and unanticipated decline in commodity prices, the likely closures of ethanol processing plants, the effective elimination of direct-to-consumer sales and decline in full-service restaurant and school meal demand.”

Groups representing food, fuel and fiber signed on to the letter, including the American Farm Bureau Federation.

“Farmers and ranchers are proud to be trusted to feed nearly 330 million Americans and we’ll continue working every day to do so, but Congress must ensure the CCC has ample authority and funding to help farmers and ranchers survive during this emergency. The inclusion of these provisions would ensure the Secretary of Agriculture has the tools needed to meet this crisis head-on for all of agriculture.”

Read the full letter here.

Source: American Farm Bureau Federation, which is solely responsible for the information provided and is wholly owned by the source. Informa Business Media and all its subsidiaries are not responsible for any of the content contained in this information asset.
TAGS: Business
Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish