Hoeven: Phase 3 Covid-19 Package Includes $50 Billion CCC Funding

Sen. John Hoven (R-N.D.), Chairman of the Senate Agriculture Appropriations Committee, Sunday  announced that he secured $50 billion in funding authority for USDA in the still pending Phase 3 Covid-19 response legislation to help farmers and ranchers. Specifically, the legislation, which is expected to be considered by the Senate on Monday, includes provisions to:

     • Replenish $30 billion in Commodity Credit Corporation (CCC) funding authority for USDA

     • Increase the CCC borrowing authority an additional $20 billion for USDA to respond to Covid-19

     • Enable USDA to utilize CCC funding to assist livestock producers

“Our producers are really up against it right now, and the coronavirus pandemic is only compounding the challenges in farm country,” said Hoeven. “As chairman of the Agriculture Appropriations Committee, I worked to ensure that this Phase 3 Covid-19 response bill provides USDA with the resources and authority to provide relief for our farmers, ranchers and rural communities.”

The senator said he will continue working with USDA Secretary Sonny Perdue to provide relief to impacted producers and ranchers in a way that works.