summary
Introduced
10/30/2020
10/30/2020
In Committee
11/02/2020
11/02/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A BILL To amend the Robert T. Stafford Disaster Relief and Emergency Assistance Act to provide for the authority to reimburse local governments or electric cooperatives for interest expenses, and for other purposes. 1
AI Summary
This bill, the FEMA Loan Interest Payment Relief Act, amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to provide the authority for the Federal Emergency Management Agency (FEMA) to reimburse local governments or electric cooperatives for interest expenses on loans used to fund activities for which they receive disaster assistance. The key provisions include defining "qualifying interest" as the lesser of the actual interest paid or the interest based on the prime rate, and allowing for reimbursement of qualifying interest incurred in the 5 years prior to the bill's enactment. This aims to provide financial relief to local entities that have taken out loans to fund disaster-related activities.
Committee Categories
Business and Industry, Transportation and Infrastructure
Sponsors (4)
Last Action
Referred to the Subcommittee on Economic Development, Public Buildings, and Emergency Management. (on 11/02/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/8701/all-info |
| BillText | https://www.congress.gov/116/bills/hr8701/BILLS-116hr8701ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr8701/BILLS-116hr8701ih.pdf.pdf |
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