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COVID-19 Working Paper: Financial Assistance for Farm Operations and Farm Households in the Face of COVID-19

Author

Listed:
  • Giri, Anil K.
  • McDonald, Tia
  • Subedi, Dipak
  • Whitt, Christine

Abstract

On March 13, 2020, the U.S. Federal Government declared a national emergency based on the novel coronavirus (COVID-19) pandemic. The Government’s response included providing assistance programs related to the economic impacts of COVID-19. This study estimates the total direct Government assistance to farm operations and farm households in calendar year 2020 from COVID-19 related programs, the Market Facilitation Program (MFP), and other existing Farm Bill (FB) programs. The insights from this study supplement the triannual U.S. Department of Agriculture (USDA) Economic Research Service (ERS) farm income forecasts by providing stakeholders more forecasting details, including information regarding the distribution of Federal payments and eligibility. This working paper further documents methodologies relevant for a timely update of similar payments in the future. Using data from the Small Business Administration, Bureau of Labor Statistics, and multiple sources within USDA, we find $57.7 billion in total financial assistance was provided to farm operations and households in calendar year 2020. Programs specifically designed to address the economic impacts of COVID-19 in 2020 delivered an estimated $35.2 billion, the assistance provided under non-COVID-19 related programs (other than net indemnity payments) delivered an estimated $16.8 billion, and the net indemnity payments provided the remaining $5.7 billion

Suggested Citation

  • Giri, Anil K. & McDonald, Tia & Subedi, Dipak & Whitt, Christine, 2021. "COVID-19 Working Paper: Financial Assistance for Farm Operations and Farm Households in the Face of COVID-19," USDA Miscellaneous 312953, United States Department of Agriculture.
    • Handle: RePEc:ags:usdami:312953
    DOI: 10.22004/ag.econ.312953
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    File URL: https://ageconsearch.umn.edu/record/312953/files/COVID-19%20Working%20Paper_Financial%20Assistance%20for%20Farm%20Operators%20and%20Farm%20Households%20in%20the%20Face%20of%20COVID-19%20.pdf
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    Cited by:

    1. Giri, Anil K & Litkowski, Carrie & Subedi, Dipak & McDonald, Tia, 2022. "COVID-19 Working Paper: Farm Sector Financial Ratios: Pre-COVID Forecasts and Pandemic Performance for 2020," Administrative Publications 327332, United States Department of Agriculture, Economic Research Service.
    2. Giri, Anil K. & Litkowski, Carrie & Subedi, Dipak & McDonald, Tia, 2022. "COVID-19 Working Paper: Farm Sector Financial Ratios: Pre-COVID Forecasts and Pandemic Performance for 2020," USDA Miscellaneous 327371, United States Department of Agriculture.
    3. Graven, Atticus & Schaefer, K. Aleks, 2023. "Rural Broadband Connectivity and Access to US Government Farm Support," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 48(3), September.

    More about this item

    Keywords

    Agricultural Finance; Farm Management; Financial Economics; Industrial Organization; Production Economics;
    All these keywords.

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