ELIGIBILITY FOR EMERGENCY LOANS.

SEC. 5201. ELIGIBILITY FOR EMERGENCY LOANS. Section 321(a) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1961(a)) is amended— (1) by striking “owner-operators (in the case of loans for a purpose under subtitle A) or operators (in the case of loans for a purpose under subtitle B)” each place it appears and inserting “(in the case of farm ownership loans in accordance with subtitle A) owner-operators or operators, or (in the case of loans for a purpose under subtitle B) operators”; (2) in the first sentence— (A) by inserting “, or such other legal entities as the Secretary considers appropriate” after “limited liability companies” the first place it appears; (B) by inserting “, or other legal entities” after “limited liability companies” the second place it appears; and (C) by striking “and limited liability companies,” and inserting “limited liability companies, and such other legal entities”; (3) in the second sentence, by striking “ownership and operator” and inserting “ownership or operator”; and (4) by adding at the end the following: “An entity that is an owner-operator or operator described in this subsection shall be considered to meet the direct ownership requirement imposed under this subsection if at least 75 percent of the ownership interests of each embedded entity of the entity is owned directly or indirectly by the individuals that own the family farm.”.