A bill to establish an emergency livestock program for the purpose of directing the Secretary of Agriculture to make direct loans to certain owners of livestock during emergency periods.

Establishes an emergency program for making direct loans to bona fide farmers and ranchers engaged in livestock operations and to small business corporations and partnerships. Specifies eligibility requirements such persons and partnerships must meet. Sets formulae for the calculation of loan amounts.

Limits the repayment period to seven years and interest to five percent or less. Provides such assistance to eligible persons who either: (1) need financial assistance to maintain their livestock operations throughout the period of an emergency or (2) have sold or substantially reduced such operations as a result of emergency conditions, and will be able to obtain (with the Federal assistance) private financing in reestablishing such operations.