USDA starts aid applications for struggling farmers

The U.S. Department of Agriculture (USDA) will start accepting applications from farmers for economic aid on Wednesday. This assistance comes from a funding package that Congress approved last December. The package set aside $10 billion to help farmers struggling with low prices for their crops. Many U.S. farmers are facing challenges because the cost of planting some crops is higher than what they can sell them for. In response, many are planning to plant more corn as a way to improve their profits. The new Emergency Commodity Assistance Program will pay farmers a set amount for each acre of eligible crops, such as wheat, corn, barley, and oats. Once farmers submit their applications and they are approved, they can expect to receive payments directly to their bank accounts within about three business days. In addition to the $10 billion, Congress has also allocated $20 billion for farm aid to address natural disasters in 2023 and 2024. This aid will help cover losses from droughts and floods affecting livestock, with more details to come from the USDA. Farmers have already experienced financial difficulties early in the Trump administration, including a spending freeze at the USDA and market losses related to tariffs.