Hoeven: Phase III COVID-19 Response Includes $50 Billion in Funding Authority to Help Ag Producers, Ranchers
Provides $30 Billion CCC Replenishment, Increases Cap by $20 Billion for USDA COVID-19 Response
WASHINGTON - Senator John Hoeven, Chairman of the Senate Agriculture Appropriations Committee, today announced 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.
“Our producers are really up against it right now, and the coronavirus pandemic is only compounding the challenges in farm country,” said Hoeven. “As chairman of the Agriculture Appropriations Committee, I worked to ensure that this Phase III COVID-19 response bill provides USDA with the resources and authority to provide relief for our farmers, ranchers and rural communities.”
Hoeven worked to ensure that the legislation replenished and increased borrowing authority for the CCC and also provided USDA with the resources necessary to utilize CCC funding to assist livestock producers. The senator said he will continue working with USDA Secretary Sonny Perdue to provide relief to impacted producers and ranchers in a way that works.
The legislation is expected to be voted on by the Senate Monday.
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