USDA Has Provided $700 Million to Restore Sustainable Fuel Markets Hit by Pandemic
3 Jun 2022
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 the COVID-19 pandemic. The funds are being made available through the Biofuel Producer Program, which was created as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The 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 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.”