Bill > HR2836

This bill amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to allow the President, through the Federal Emergency Management Agency (FEMA), to provide financial assistance to local governments and electric cooperatives to reimburse them for interest expenses related to loans taken out for disaster recovery purposes. Specifically, the bill defines "qualifying interest" as the lesser of the actual interest paid or the interest that would have been paid at the prime rate, and a "qualifying loan" as one where at least 90% of the proceeds fund disaster-related activities. The bill allows reimbursement for qualifying interest incurred in the 9 years prior to the act's enactment and requires FEMA to establish procedures for states to request reimbursement for outstanding loan interest within 30 days of the act's passage. States must submit their reimbursement applications within 60 days of the published procedures, and FEMA must complete reimbursements within one year of the act's enactment. The bill, known as the "FEMA Loan Interest Payment Relief Act," aims to provide financial relief to local governments and electric cooperatives that have taken out loans to fund disaster recovery efforts.

Business and Industry, Transportation and Infrastructure

https://www.congress.gov/bill/119th-congress/house-bill/2836/all-info