UPDATE 2: Senate Rescue Package Includes $14 Billion to Replenish CCC

Posted on 03/25/2020 10:37 AM

Separate $9.5 billion funding for ag producers impacted by Covid-19, including livestock and and specialty crops

Congressional sources confirm that the Senate rescue package includes $14 billion to replenish USDA’s Commodity Credit Corporation (CCC) and provides $9.5 billion for ag producers impacted by Covid-19, including livestock and specialty crops (fruit, veggies and nuts).

The CCC currently has about $9 billion to use. So, this brings CCC borrowing authority to $32.5 billion — not the $50 billion asked for and cited previously by Sen. John Hoeven (R-N.D.), but above the $30 billion normally available. However, the $9.5 billion “is a different pot of money,” one source said.

Sen. Hoeven, speaking this morning on Fox Business Network, said: “We got about $25 billion to help our farmers and ranchers and that's so very important because that's the food supply we all depend on not only across America but throughout the world. And so, our farmers and ranchers are out there doing their part. And we've got to make sure we get them through this coronavirus as well. And of course, a lot of other help in the mill, about $2 trillion in total.”

Asked if he was happy with it for farmers and ranchers in his state, Hoeven responded: “Yeah. Again, this is going to be very helpful. We may have to do more; we'll see but this this is obviously very helpful for our farmers and ranchers.”


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