The Trump administration Tuesday announced the rollout of the Coronavirus Food Assistance Program, which will provide up to $16 billion in direct payments to farmers and ranchers.
Beginning May 26, the Department of Agriculture will be accepting applications from farmers who have suffered losses of five percent or more.
The funds come from the $9.5 billion in appropriated funding provided in the CARES dedicated to agriculture and $6.5 billion from the Commodity Credit Corporation.
Farmers will receive a combined total from CFAP and the CCC of 95 cents per bushel for soybeans, and 67 cents for corn.
The payment rate for cattle is $247 per-head of slaughter cattle, $171 per-head of feeder cattle over 600 lbs, and $45 for hogs under 120lbs.
There is a payment limitation of $250,000 per person or entity.
Producers will receive 80 percent of their maximum total payment upon approval of the application.
The remaining portion of the payment will be paid later.
Producers can apply through their local FSA office, and applications will be accepted through August 28, 2020.
Additional information and application forms can be found at farmers.gov/cfap.