The payments are supposed to be capped at $125,000. One farm collected sixteen times that.
New data suggest that a few farms are cashing in on President Trump’s farm bailout in a way that’s not quite in the spirit of the rules. Though no single person was supposed to receive more than $125,000 from 2018’s $12-billion bailout program, The New Food Economy has found that at least one farm has received more than $2 million. Three more have received more than $1 million. And payments to an additional eight farms have exceeded $500,000.
The Trump administration announced the first farm bailout, totaling $12-billion, last summer, to soften the blow of the president’s ongoing trade war with China. Most of the money was earmarked for direct payments to farmers, and a little more than $1 billion was set aside for government food purchases. As of May 15, USDA had disbursed $8.52 billion worth of those direct payments, primarily to soy, corn, wheat, cotton, and sorghum growers, Reuters reports.