The Beef Finisher Payment (BFP) will be issued to farmers this week.
€50m was allocated for the scheme in June to compensate beef farmers for losses arising from the COVID-19 crisis.
Invested in replacement stock
IFA president, Tim Cullinan, has welcomed confirmation, explaining that the payments would be an important boost for farmers.
“Many recipients of these payments will already have invested in replacement stock during the autumn, so the value of these payments will benefit the whole sector.”
“Not all of the money for the scheme will be allocated. Any underspend must be used to cover animals which were excluded from the scheme because they were exported,” he added.
IFA national livestock chairman, Brendan Golden, said that the scheme was a vital support to farmers.
“It was important that the Government introduced this scheme, and that the money is now getting out to farmers,” he said.