House committee substitute replaces the contents of the 1st edition with the following.

States legislative findings regarding the impacts the COVID-19 emergency has had on the dairy industry.

Directs $4,104,000 be transferred from the Coronavirus Relief Reserve to the Coronavirus Relief Fund (both established in SL 2020-4, 2020 COVID-19 Recovery Act). Appropriates the funds to the Department of Agriculture and Consumer Services (DACS) for 2020-21. Provides for the availability of the funds until December 30, 2020, with unexpended funds required to revert at the end of the fiscal year. 

Allocates the funds to the NC Dairy Stabilization and Growth Fund to provide grants to either compensate eligible dairy producers for losses incurred as a result of the collapse of dairy prices or to improve the resiliency and adaptability of the dairy supply chain to future pandemics. Defines eligible producer to mean a Grade A milk producer who can demonstrate to the satisfaction of DACS that the producer is in compliance with federal Grade A milk regulations. Requires funds to comply with identified US Treasury guidance or subsequent Congressional act.

Directs DACS to develop policies and procedures for grant disbursement, including four specified requirements. Requires monthly grant payments to eligible dairy producers for any month in which the baseline price exceeds the announced price, as those terms are defined by the act. Provides for the calculation of payments based on the difference in prices and the weight produced by the producer each month beginning with April 2020 until the earlier of either the funds being expended or December 30, 2020. Caps grants at $25,000 per producer per month. Provides for partial grants or supplementation of grant funds in the event the appropriations are insufficient to make the full grant payment to each producer each month. Allows DACS to use up to 1% of funds appropriated for administrative expenses.

Makes the general provisions of Part I of SL 2020-4 applicable to the funds and requires the Office of State Budget and Management to include the funds in the report required under Section 1.7 of that act. 

Requires DACS to report to the specified NCGA committee and division by February 1, 2021, on the use of funds by grant recipients. 

Changes the act's titles.