FEMA Loan Interest Payment Relief Act

Hozzl · 2025-01-03T20:58:42Z

Explore the details of House Bill 2672 FEMA Loan Interest Payment Relief Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Emergency Management. Stay informed on legislative developments.

1/3/2025, 8:58 PM

Summary of Bill HR 2672

The FEMA Loan Interest Payment Relief Act, also known as Bill 118 hr 2672, is a piece of legislation introduced in the US Congress. The purpose of this bill is to provide relief to individuals and businesses who have received loans from the Federal Emergency Management Agency (FEMA) for disaster recovery efforts.

Under this bill, FEMA would be authorized to provide assistance to borrowers by covering the interest payments on their loans for a specified period of time. This relief would help alleviate the financial burden on those who have been affected by natural disasters and are struggling to make their loan payments.

The FEMA Loan Interest Payment Relief Act aims to support individuals and businesses in their recovery efforts by easing their financial obligations and allowing them to focus on rebuilding and recovering from the disaster. This bill has bipartisan support and is seen as a necessary measure to help those in need during times of crisis. Overall, the FEMA Loan Interest Payment Relief Act is a crucial piece of legislation that seeks to provide much-needed assistance to individuals and businesses who have been impacted by natural disasters and are facing financial hardship as a result.

Congressional Summary of HR 2672

FEMA Loan Interest Payment Relief Act

This bill directs the Federal Emergency Management Agency (FEMA) to provide financial assistance to a local government or electric cooperative as reimbursement for interest paid on a loan used for emergency or disaster recovery activities later paid for by FEMA assistance.

Read the Full Bill

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Current Status of Bill HR 2672

Bill HR 2672 is currently in the status of Passed in House since December 9, 2024. Bill HR 2672 was introduced during Congress 118 and was introduced to the House on April 18, 2023. Bill HR 2672's most recent activity was Received in the Senate and Read twice and referred to the Committee on Homeland Security and Governmental Affairs. as of December 10, 2024

Bipartisan Support of Bill HR 2672

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

102

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 2672

Primary Policy Focus

Emergency Management

Potential Impact Areas

- Disaster relief and insurance

- Electric power generation and transmission

- Government lending and loan guarantees

- Interest, dividends, interest rates

- State and local finance

- State and local government operations

Alternate Title(s) of Bill HR 2672

FEMA Loan Interest Payment Relief Act

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.