USDA grants biofuel producers $700 mln in COVID-19 aid
Source: Reuters
Biofuel groups had been advocating for relief after the pandemic slashed fuel demand and sank consumption of biofuels like ethanol. The USDA said it plans to implement the aid in the next 60 days.
“USDA is honoring its commitment to get financial assistance to producers and critical agricultural businesses, especially those left out or underserved by previous COVID aid,” said Agriculture Secretary Tom Vilsack in a statement.
The Renewable Fuels Association welcomed the news.
“This assistance comes at a critical time, as ethanol producers are still struggling to recover from COVID-related market losses and are now facing historically high feedstock costs,” said Geoff Cooper, RFA president. “Many plants remain offline or are operating at reduced output rates.”
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