emergency, as determined by the Secretary. (b) Payment rate for covered producers (1) Payments for first 30-day period For a period of 30 days beginning, with respect to a covered producer, on the initial date of depopulation described in subsection (a) of the market-ready livestock or poultry of the covered producer, the Secretary shall reimburse such covered producer for 85 percent of the value of losses as determined under subsection (c). (2) Subsequent 30-day periods For each 30-day period subsequent to the 30-day period described in paragraph (1), the Secretary shall reduce the value of the losses as determined under subsection (c) with respect to a covered producer by 10 percent. (c) Valuation In calculating the amount of losses for purposes of the payment rates under subsection (b), the Secretary shall use the average fair market value, as determined by the Secretary in collaboration with the Chief Economist of the Department of Agriculture and the Administrator of the Agricultural Marketing Service, for market-ready livestock, where applicable, and market-ready poultry, where applicable, during the period beginning on March 1, 2020, and ending on the date of the enactment of this section. In no case shall a payment made under subsection (b) and compensation received from any other source exceed the average market value of market-ready livestock or poultry on the date of depopulation. (d) Packer-owned animals excluded The Secretary may not make payments under this section for the actual losses of livestock owned by a packer or poultry owned by a live poultry dealer. (e) Definitions In this section: (1) Covered producer The term covered producer means a person or legal entity that assumes the production and market risks associated with the agricultural production of livestock and poultry (as such terms are defined in section 2(a) of the Packers and Stockyards Act, 1921 ( 7 U.S.C. 182(a) ). (2) Packer The term packer has the meaning given the term in section 201 of the Packers and Stockyards Act, 1921 ( 7