Canadian Government Launches $252 Million Fund For Farmers. Another $200 Million Available If Needed
Canadian farmers remain the backbone of the countries economy and in these uncertain times, rely upon their government for help. Prior to the pandemic, Prime Minister Trudeau has made the success of farmers a priority. With today’s announcement, he has expanded on that notion.
Today Prime Minister Trudeau announced important measures within agriculture programs and an investment of more than $252 million to support farmers, food businesses, and food processors who provide essential services to Canadians every day by ensuring a safe and reliable food supply. He also announced that the government intends to propose an additional $200 million in borrowing capacity for the sector.
“Canadians count on farmers and producers to provide them with the food they need to feed themselves and their families. Today, we are giving them the support they need to keep their workers safe and food systems running during this challenging time, for the benefit of all Canadians.”The Rt. Hon. Justin Trudeau, Prime Minister of Canada
Today’s announcement will provide targeted support for farmers, ranchers, agricultural producers, and food processors by:
- Creating a $77.5 million Emergency Processing Fund to help food producers access more personal protective equipment (PPE)
- Launching of a national AgriRecovery initiative of up to $125 million in funding to help producers faced with additional costs incurred by COVID-19.
- Announcing the intention to increase the Canadian Dairy Commission’s borrowing limit by $200 million to support costs associated with the temporary storage of cheese and butter to avoid food waste.
- Launching a first-ever Surplus Food Purchase Program with an initial $50 million fund designed to help redistribute existing and unsold inventories, which could include products such as potatoes and poultry, to local food organizations who are serving vulnerable Canadians.
- Working with provinces and territories to increase interim payments from 50 per cent to 75 per cent through AgriStability, a federal, provincial and territorial program that supports producers who face significant revenue declines.
- Working with provinces and territories to explore possibilities for expanding the AgriInsurance program to include labour shortages as an eligible risk for the horticulture sector.
The enrolment deadline for the 2020 AgriStability program has been extended to July 3, 2020. The federal, provincial, and territorial governments agreed to the change to help producers deal with current market disruption and production challenges. British Columbia, Quebec, Saskatchewan, Prince Edward Island, and Alberta have all already agreed to the 75 per cent AgriStability interim payment.
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