A bill to amend the Emergency Livestock Credit Act of 1974 to provide additional temporary financial assistance to owners of livestock for the purpose of maintaining small farmers and ranchers and thereby preserving a competitive livestock production system.

Provides additional financial assistance, under the Emergency Livestock Credit Act, to owners of livestock who have suffered severe financial losses as a result of factors over which such owners had no control.

Extends the repayment period for such financial assistance from a maximum of three years to a maximum of twenty years.

Requires the Secretary of Agriculture to provide such financial assistance without regard to the amount of indebtedness or lack of security of the borrower as long as there is a reasonable probability of repayment of the loan.