funds to continue the operations of qualified applicants. (c) 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. (d) Term of loan 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. (e) Funding Out of any amounts in the Treasury not otherwise appropriated, there is appropriated to carry out this section $500,000,000. (f) Definitions In this section: (1) Eligible dairy products The term eligible dairy products means all dairy products whether in base commodity or finished product form. (2) Qualified applicant The term qualified applicant means any commercial processors, packagers, merchants, marketers, wholesalers, and distributors of eligible dairy products impacted by COVID–19. 60204. Dairy margin coverage premium discount for 3-year signup The Secretary shall provide a 15 percent discount for the premiums described in subsections (b) and (c) of section 1407 of the Agricultural Act of 2014 ( 7 U.S.C. 9051 ) and the premium described in section 60202(e) for a dairy operation (as defined in 1401 of such Act ( 7 U.S.C. 9051 )) that makes a 1-time, three-year election to enroll in dairy margin coverage under part I of subtitle D of such Act for calendar years 2021 through 2023. III Specialty Crops and Other Commodities 60301. Support for specialty crop sector Section 101(l) of the Specialty Crops Competitiveness Act of 2004 ( 7 U.S.C. 1621 note) is amended by adding at the end the following: (3) COVID–19 outbreak relief (A) In general The Secretary shall make grants to States eligible to receive a grant under this section to assist State efforts to support the specialty crop sector for impacts related to the COVID–19 public health emergency. (B) Funding There is appropriated, out of any funds in