Apart from the agricultural aid, pandemic-affected farmers should expect another $13 billion grant by the end of January.
Bill Northey, the Agriculture Undersecretary, asserts that payments will be remitted before the president-elect Joe Biden’s inauguration on 20th January.
According to Northey’s comments last week, the agency has a few things up their sleeve that they would like to tackle quickly. He didn’t provide details and added that some proposals require approval from the White House budget department. He also noted that the USDA has nothing to announce.
Based on the $900 billion COVID-19 reprieve package approved in 2020 by President Donald Trump, farmers who qualify will get payments of $20 per acre-around $5 billion in total.
Hemp growers were exempted from the first batch of coronavirus support; however, the plant was later termed eligible. Hemp is categorized as a ‘flat-rate’ plant, which means a category of crops that don’t meet or exceed the 5% price decline trigger or lack available data to determine price change.
Biden has promised to propose more pandemic support after he assumes office. He was scheduled to talk about the country’s financial status on Wednesday.
On Tuesday, Northey said that Biden’s administration would be in charge of the $13 billion hemp farmers’ payment.
Northey added that The agriculture department designed the Coronavirus Food Assistance Program for the past two months. CFAP will be a major support to farmers after Congress approved the $2.2 trillion CARES reform during March.
Pandemic incentives would dilly-dally an expected sharp farm income recession in 2021 from the subsidy-motivated 2020 heights. State farm payments yielded 39% of net farm proceeds of 2020’s $119.6 billion.
Any legal entity or individual such as hemp farmers who carries the danger of producing a product is eligible for CFAP too.