BIO Signs Letter to Congress Urging More Relief for Agriculture Amid COVID-19
As Congress develops and debates additional bipartisan legislation in response to COVID-19 and the resulting impacts to workers and the economy, the economic losses persisting across U.S. agriculture must be addressed in the legislation and in future assistance provided by USDA. The economic losses across the U.S. agriculture sector are broad‐based, directly impacting farmers and ranchers and their supply chain partners – from input providers to end users. The widespread closures at the retail and food service levels are impacting consumer demand and purchasing patterns in ways that the industry has never experienced. The disruptions and logistical challenges in the supply chain are adding unprecedented costs and risks in the marketing system. USDA’s most recent World Agricultural Supply and Demand Estimates suggest that the decline in commodity value alone is nearly $50 billion. Much of this decline is attributable to COVID-19-related supply and demand destruction. This does not include all of agriculture’s losses which would be billions more. Moreover, millions of Americans are food insecure right now and are in need of critical nutrition assistance.