This bill requires the Department of Agriculture to make recourse loans available to commercial processors, packagers, or merchandisers of dairy products during the COVID-19 (i.e., coronavirus disease 2019) pandemic.
The bill also provides funding for the loans and specifies that loans shall be provided to applicants for up to the value of the dairy product inventory of such applicants.
Dairy product inventory used as collateral for the recourse loan program shall be pledged on a rotating basis to prevent spoilage of perishable products.