A program authorized by the emergency provisions of the FY1999 USDA appropriations act (P.L. 105-277, October 21, 1998) that makes recourse loans based on a national average rate of $0.56 per pound on 1998-crop honey. Final date to obtain a loan was May 7, 1999. The producer-owned honey must be merchantable and stored in acceptable containers. Loans carry an administrative fee of $0.009 per pound, bear an interest rate 1% higher than the CCC borrowing interest rate, and mature not later than 9 months following disbursement. The program is administered by the Farm Service Agency.
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