The Renewable Fuels Association today thanked the U.S. Department of Agriculture for its announcement today of $700 million to provide COVID-19 pandemic aid for our nation’s biofuel producers. Originally announced in June, the aid package represents direct payments available for biofuel producers who faced unexpected market losses due to the pandemic, and USDA states it will announce the official application window for this program within the coming week. In addition, USDA announced $100 million in funds to support biofuel infrastructure.
“Ethanol producers are still struggling to recover from COVID-related market losses after what has been the most difficult and trying time in the industry’s history,” said RFA President and CEO Geoff Cooper. “At the peak of the pandemic, more than half of our nation’s ethanol capacity was idled. To this day, many plants remain offline or are operating at reduced output rates and the pandemic has cost the industry well over $5 billion in lost revenue. We are grateful to USDA Sec. Vilsack and the Biden administration for finalizing this relief package to help our industry recover, as well as the additional infrastructure funding.”
When it comes to COVID-19 relief and the infrastructure program, the Renewable Fuels Association stands ready to assist program beneficiaries to take all the steps needed to receive the aid they need.