Dairy farmers impacted by the COVID-19 pandemic are set to receive financial relief through a federal program aimed at helping the dairy industry recover from the negative impacts left by the global health crisis.

The U.S. Department of Agriculture said in a March release that it would provide more than $300 million via the Market Volatility Assistance Program (MVAP) to help with the dairy industry's recovery efforts. 

"I am pleased to announce that the majority of the Pandemic Market Volatility Assistance Program funds are flowing to farmers and that remaining payments will be made soon," Jenny Lester Moffitt, USDA under secretary for Marketing and Regulatory Programs, said in the release. "Dairy farmers worked throughout the pandemic to keep food on America's tables, and this program is an important piece of USDA's comprehensive targeted recovery assistance for dairy producers."

Handlers have 30 days after receiving payments to give the money to eligible dairy farmer suppliers, according to the USDA. The payments began in January, with more than 60% completed by the end of February.

The money issued through MVAP will reimburse eligible dairy farmers for about 80% of revenue losses for milk sales between July and December of 2020 up to 5 million pounds of milk, the release stated.

According to the release, the remaining payments were set to be completed by the end of March.