USDA Has Provided $700 Million to Restore Sustainable Fuel Markets Hit by Pandemic
The U.S. Department of Agriculture (USDA) has announced $700 million in funding to provide economic relief to more than 100 biofuel producers and 195 facilities.
According to the USDA, “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 today 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 as a result of COVID–19.