IDFA Statement on Dairy Recourse Loan Program in HEROES Act

IDFA

Michael Dykes, D.V.M., President and CEO of the International Dairy Foods Association, released the following statement on the Recourse Loan Program for Commercial Processors of Dairy Products in the HEROES Act legislation as proposed by the House of Representatives:

“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. 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.”

Be the first to comment

Leave a Reply

Your email address will not be published.


*