In a conference call with reporters on Wednesday, Secretary Sonny Perdue said USDA is working on a plan to allocate relief funds to farmers.
Perdue said the $14 billion allocated to the Commodity Credit Corporation (CCC), “would come later,” not specifying an exact date since the CCC currently has only $6 billion in borrowing authority.
The CCC can borrow $30 billion per fiscal year, and with $6 billion left in the coffer, it appears that $24 billion has already been allocated. According to the USDA, the additional $14 billion authorized by the CARES Act can’t be used until July.
USDA is working to implement a plan that would allocate $9.5 billion in emergency relief fund that was designated to Secretary Perdue’s office.
Perdue says USDA is holding daily meetings on the COVID-19 relief package for agriculture, including meeting with lawmakers. He added that he is hopeful a plan will be announced “sooner rather than later,” while cautioning that the process of federal rulemaking takes time.