summary
Introduced
04/18/2023
04/18/2023
In Committee
04/18/2023
04/18/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th 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.
AI Summary
This bill, the FEMA Loan Interest Payment Relief Act, aims to amend the Robert T. Stafford Disaster Relief and Emergency Assistance Act to provide financial assistance to local governments or electric cooperatives as reimbursement for the interest paid on loans used to fund disaster response and recovery activities. Specifically, the bill defines "qualifying interest" as the lesser of the actual interest paid or the interest that would have been paid on a loan with an interest rate equal to the prime rate, and "qualifying loan" as a loan where at least 90% of the proceeds are used for disaster-related activities. The bill also applies retroactively to cover qualifying interest incurred in the 5 years preceding the bill's enactment.
Committee Categories
Military Affairs and Security
Sponsors (2)
Last Action
Read twice and referred to the Committee on Homeland Security and Governmental Affairs. (on 04/18/2023)
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/118th-congress/senate-bill/1180/all-info |
| BillText | https://www.congress.gov/118/bills/s1180/BILLS-118s1180is.pdf |
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