IDFA applauds dairy recourse loan program proposed in HEROES Act legislation
The House is expected vote on the legislative package on May 15.
Michael Dykes, D.V.M., president and CEO of the Washington, D.C.-based International Dairy Foods Association (IDFA), released a statement on May 14 on the Recourse Loan Program for Commercial Processors of Dairy Products in the HEROES Act legislation. The House of Representatives is expected to vote on the proposed legislation package on May 15.
“IDFA and our members are grateful for the inclusion of a dairy recourse loan program in the HEROES Act coronavirus relief legislation that is being considered by the House of Representatives this week,” Dykes said. “The dairy recourse loan program included in the bill would provide USDA with $500 million to make working capital loans to dairy processors, packagers, merchants, marketers, wholesalers and distributors who are forced to carry heavier inventories and cope with growing accounts receivable burdens as customers defer deliveries and payments due to the demand destruction caused by the coronavirus. A dairy recourse loan made available to all links in the dairy supply chain would ensure that the industry has access to the working capital it needs to operate until the foodservice sector resumes a more normal pattern of business.”