FEMA Loan Interest Payment Relief Act

TL;DR (AI)

• This bill authorizes the Federal Emergency Management Agency (FEMA) to reimburse local governments and electric cooperatives for interest expenses incurred on loans taken out to fund disaster relief activities.
• Reimbursement will cover up to the lesser of the actual interest paid or the interest that would have been paid at the prime rate, provided the loans fund at least 90% of qualifying disaster relief activities.
• The bill amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to establish this new reimbursement authority.