U.S. Department of Agriculture (USDA) secretary Tom Vilsack announced that the Department has provided $700 million to help lower costs and support biofuel producers who faced unexpected market losses due to COVID-19 pandemic.
The funds are available through the Biofuel Producer Program, which was created as part of the Coronavirus Aid, Relief, and economic Security Act (CARES Act).
Investments include more than $486 million for 62 producers located in socially vulnerable communities.
“The Biden-Harris Administration is committed to rebuilding the rural economy after the impacts of the pandemic,” Vilsack said.
“That’s why USDA is targeting resources and investments to improve the strength and resiliency of America’s sustainable fuel markets.
The investments we’re announcing will pave the way to economic recovery for America’s biofuel producers, stimulate a critical market for U.S. farmers and ranchers, and support our nation’s transition to a clean-energy economy.”
USDA is making payments to 195 biofuel production facilities to support the maintenance and viability of a significant market for agricultural producers of products such as corn, soybean or biomass that supply biofuel production.
These biofuel producers experienced unexpected market losses on a combined 3.7 billion gallons because of COVID–19.s For more information visit rd.usda.gov.