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Senate Bill 4354
116th Congress(2019-2020)
A bill to require the Secretary of Agriculture to make recourse loans available to commercial processors of dairy products during the COVID-19 pandemic, and for other purposes.
Introduced
Introduced
Introduced in Senate on Jul 29, 2020
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Text
Introduced in Senate 
Jul 29, 2020
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Introduced in Senate(Jul 29, 2020)
Jul 29, 2020
No Linkage Found
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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S. 4354 (Introduced-in-Senate)


116th CONGRESS
2d Session
S. 4354


To require the Secretary of Agriculture to make recourse loans available to commercial processors of dairy products during the COVID–19 pandemic, and for other purposes.

IN THE SENATE OF THE UNITED STATES

July 29, 2020

Ms. Smith introduced the following bill; which was read twice and referred to the Committee on Agriculture, Nutrition, and Forestry

A BILL

To require the Secretary of Agriculture to make recourse loans available to commercial processors of dairy products during the COVID–19 pandemic, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Recourse loan program for commercial processors of dairy products.

(a) Definitions.—In this section:

(1) COVID–19.—The term “COVID–19” means the disease caused by SARS–CoV–2, or any viral strain mutating therefrom with pandemic potential.

(2) ELIGIBLE DAIRY PRODUCT.—The term “eligible dairy product” means any dairy product, whether in base commodity or finished product form.

(3) QUALIFIED APPLICANT.—The term “qualified applicant” means any commercial processor, packager, or merchandiser of eligible dairy products that is impacted by COVID–19.

(4) SECRETARY.—The term “Secretary” means the Secretary of Agriculture.

(b) Availability of loans.—The Secretary shall make recourse loans available to qualified applicants during the COVID–19 pandemic.

(c) Amount of loans.—

(1) IN GENERAL.—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 (d).

(2) VALUATION.—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.

(d) Inventory used as collateral.—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.

(e) Term of loans.—A recourse loan under this section may be made for a period as determined by the Secretary, except that no recourse loan under this section may end after the date that is 24 months after the date of enactment of this section.

(f) Funding.—Out of any amounts in the Treasury not otherwise appropriated, there is appropriated to carry out this section $500,000,000.

(g) Emergency designation.—

(1) IN GENERAL.—The amounts provided by this Act are designated as an emergency requirement pursuant to section 4(g) of the Statutory Pay-As-You-Go Act of 2010 (2 U.S.C. 933(g)).

(2) DESIGNATION IN SENATE.—In the Senate, this Act is designated as an emergency requirement pursuant to section 4112(a) of H. Con. Res. 71 (115th Congress), the concurrent resolution on the budget for fiscal year 2018.