COVID-19 Working Paper: Financial Assistance for Farm Operations and Farm Households in the Face of COVID-19

Anil K. Giri, Tia McDonald, Dipak Subedi and Christine Whitt

No 312953, USDA Miscellaneous from United States Department of Agriculture

Abstract: On March 13, 2020, the U.S. Federal Government declared a national emergency based on the novel coronavirus (COVID-19) pandemic. The Government’s response included providing assistance programs related to the economic impacts of COVID-19. This study estimates the total direct Government assistance to farm operations and farm households in calendar year 2020 from COVID-19 related programs, the Market Facilitation Program (MFP), and other existing Farm Bill (FB) programs. The insights from this study supplement the triannual U.S. Department of Agriculture (USDA) Economic Research Service (ERS) farm income forecasts by providing stakeholders more forecasting details, including information regarding the distribution of Federal payments and eligibility. This working paper further documents methodologies relevant for a timely update of similar payments in the future. Using data from the Small Business Administration, Bureau of Labor Statistics, and multiple sources within USDA, we find $57.7 billion in total financial assistance was provided to farm operations and households in calendar year 2020. Programs specifically designed to address the economic impacts of COVID-19 in 2020 delivered an estimated $35.2 billion, the assistance provided under non-COVID-19 related programs (other than net indemnity payments) delivered an estimated $16.8 billion, and the net indemnity payments provided the remaining $5.7 billion

Keywords: Agricultural Finance; Farm Management; Financial Economics; Industrial Organization; Production Economics (search for similar items in EconPapers)
Pages: 33
Date: 2021-07-22
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Persistent link: https://EconPapers.repec.org/RePEc:ags:usdami:312953

DOI: 10.22004/ag.econ.312953

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