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Code · BILL · 116th Congress · H.R. 6800 (Placed on Calendar Senate) — Making emergency supplemental appropriations for the fiscal year ending September 30, 2020, and for other purposes. · Sec. 60203

Sec. 60203. Recourse loan program for commercial processors of dairy products

211 words·~1 min read·/bill/116/hr/6800/pcs/section-60203

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The Secretary shall make recourse loans available to qualified applicants during the COVID–19 pandemic. A recourse loan made under this section shall be provided to qualified applicants up to the value of the eligible dairy product inventory of the applicant as determined by the Secretary and consistent with subsection (c). For purposes of making recourse loans under this section, the Secretary shall conduct eligible dairy product valuations to provide, to the maximum extent practicable, funds to continue the operations of qualified applicants.
Eligible dairy product inventory used as collateral for the recourse loan program under this section shall be pledged on a rotating basis to prevent spoilage of perishable products. A recourse loan under this section may be made for a period as determined by the Secretary, except that no such recourse loan may end after the date that is 24 months after the date of the enactment of this section. Out of any amounts in the Treasury not otherwise appropriated, there is appropriated to carry out this section $500,000,000.
In this section: The term eligible dairy products means all dairy products whether in base commodity or finished product form. The term qualified applicant means any commercial processors, packagers, merchants, marketers, wholesalers, and distributors of eligible dairy products impacted by COVID–19.
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