U.S. Agriculture Sector Received an Estimated $35 Billion in COVID-19-Related Assistance in 2020

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

Amber Waves:The Economics of Food, Farming, Natural Resources, and Rural America, 2021, vol. 2021, issue 09

Abstract: The Coronavirus (COVID-19) pandemic caused disruptions to the U.S. agriculture sector, including a decline in commodity prices in the first half of 2020. To mitigate the effects of the pandemic, Congress passed six economic relief and stimulus bills in 2020. One bill authorized USDA to create the Coronavirus Food Assistance Programs (CFAP 1 and CFAP 2), which provided direct payments to farm operations. Other Federal departments and agencies created broader programs from which both farm operations and family farm households were eligible to receive assistance. For example, the U.S. Small Business Administration’s Paycheck Protection Program (PPP) offered forgivable loans, and the Economic Injury Disaster Loan Program (EIDL) provided forgivable advances. Most family farm households were also eligible for Economic Impact Payments (EIP), administered by the Internal Revenue Service (IRS). And family farm households that lost off-farm wages were eligible for the Federal Pandemic Unemployment Compensation (FPUC) administered by the U.S. Department of Labor.

Keywords: Agricultural Finance; Farm Management; Financial Economics; Industrial Organization; Political Economy (search for similar items in EconPapers)
Date: 2021
References: Add references at CitEc
Citations:

Downloads: (external link)
https://ageconsearch.umn.edu/record/313516/files/U ... ance%20in%202020.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ags:uersaw:313516

DOI: 10.22004/ag.econ.313516

Access Statistics for this article

More articles in Amber Waves:The Economics of Food, Farming, Natural Resources, and Rural America from United States Department of Agriculture, Economic Research Service Contact information at EDIRC.
Bibliographic data for series maintained by AgEcon Search ().