Thune, Baldwin introduce bill to improve paycheck protection program for agricultural producers
- Senator John Thune of South Dakota and Tammy Baldwin of Wisconsin introduced legislation on Tuesday that would revise the way producers calculate their Paycheck Protection Program (PPP) loan award.
- The PPP program was created in the CARES Act to help small businesses retain their employees and cover other qualifying business expenses.
- South Dakota’s agricultural producers are the heartbeat of the state’s economy; we need to ensure that our agriculture community can weather this pandemic, said Thune.
- “The Paycheck Protection for Producers Act will provide welcome relief for farmers rendered ineligible for PPP under the CARES Act as a result of financial losses caused by 2019 weather conditions,” said Jeff Thompson, president of the South Dakota Soybean Association.
Processing sector recovering quicker than expected
- University of Missouri’s Scott Brown feels that the recovery to the processing sector following Covid-19 has been impressive.
- Brown said a month ago no expected cattle slaughter to be near year-ago levels and hog slaughter to be above year-ago levels.
- A negative side affect to these increased slaughter levels has been the sharp decline of boxed beef prices and the pork cutout values.
- Brown feels a strong economic recovery coupled with strong domestic demand will be a vital component needed for the livestock sector to bounce back from the impact of the coronavirus pandemic.
Boxed beef prices continue to tumble
- Choice boxed beef: $247.00 (-7.58)
- Select boxed beef: $227.95 (-3.17)