The USDA has announced the release of millions of dollars in assistance for both crop and livestock producers through the Coronavirus Food Assistance Program. Included in that is the release of a new $6 billion aid package for several producers and industries including renewable fuels. Renewable Fuels Association President and CEO Geoff Cooper is pleased the government is now providing help for their industry which has been badly damaged by the pandemic.
He says they’re still awaiting details of how biofuel producers should apply and how the $6 billion in aid will be allocated.
Cooper says while they saw their demand drop in half in just a few weeks last year in the heart of the pandemic and fuel consumption and driving dropped quite rapidly, the negative impacts on biofuels producers still hasn’t recovered and they’re still suffering losses.
Under USDA’s announcement, the agency will issue $4.5 billion in payments to more than 560,000 crop farmers and will also spend $1.1 billion to increase payment rates for more than 410,000 cattle producers under CFAP 1. USDA will also reopen enrollment for CFAP 2 starting April 5.
