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Farmers Qualify for Stimulus Funds due to Heavy Rains

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Despite record rains and flooding in Iowa, 2008 was a good year for farmers. Due to spikes in prices for crops such as corn and soybeans, net farm income increased 60% from 2007 to 2008. However, even farms that had a profitable year received an extra influx of cash due to a provision in the Stimulus bill.

The Stimulus bill that was passed last year contained a provision that provided funding for producers that had at least one crop fail due to a natural disaster such as flooding. The heavy rains in 2008 meant that most farms, despite ultimately having a successful year, could apply for disaster payments as identified in the Stimulus. Most of these producers did apply and have been allocated roughly $163 million dollars because of this provision.

Many of the farmers that took advantage of this made the argument that despite the funding not being necessary, it was being put to good use to acquire capital or other resources and ultimately would end up back in the economy.

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