(FinancialHealth.net) – We recently reported about the beating the agricultural industry is taking as a result of the COVID-19 pandemic. President Donald Trump announced his administration planned to spend $3 billion to help them. Now, we’re learning the government is injecting even more cash into the industry.
On May 19, President Donald Trump and Agriculture Secretary Sonny Perdue announced livestock producers and farmers could begin signing up for USDA aid next week. The $16 billion in direct help will come from the Coronavirus Food Assistance Program (CFAP) and receive its funding from the CARES Act.
I encourage North Dakota’s agricultural community to be ready to apply for the aid next week.
Learn more here⬇️ https://t.co/V7aWtfWp2O
— Sen. Kevin Cramer (@SenKevinCramer) May 19, 2020
The president also wants to get rid of beef imports to the US.
During his event with the agriculture secretary, Trump asked officials to cancel trade deals that include cattle imports. The president explained the US has “a lot of cattle” and he thinks it might be possible to terminate “those deals.”
The financial assistance is going to be tremendously helpful to the Americans in the agriculture industry. Even as states start to reopen, it’s hard to imagine them ever recouping the losses suffered as a result of the pandemic. However, this is a case where every little bit really does help.
~Here’s to Your Financial Health!
Copyright 2020, FinancialHealth.net