FEMA Loan Interest Payment Relief Act

Hozzl · 2023-12-15T16:07:06Z

Explore the details of Senate Bill 1180 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.

12/15/2023, 4:07 PM

Summary of Bill S 1180

The FEMA Loan Interest Payment Relief Act, also known as Bill 118 s 1180, is a piece of legislation currently being considered by 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.

If passed, the FEMA Loan Interest Payment Relief Act would temporarily suspend the requirement for borrowers to make interest payments on their FEMA loans. This relief would apply to both existing loans and new loans issued during a specified period of time.

The bill aims to alleviate the financial burden on individuals and businesses who are already struggling to recover from a natural disaster. By suspending interest payments, borrowers would have more flexibility in managing their finances and focusing on rebuilding their lives and businesses. It is important to note that this legislation is non-partisan and is focused solely on providing relief to those affected by natural disasters. The bill is currently being reviewed by Congress and may undergo changes before being voted on.

Congressional Summary of S 1180

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 qualifying interest on disaster-related loans.

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Current Status of Bill S 1180

Bill S 1180 is currently in the status of Bill Introduced since April 18, 2023. Bill S 1180 was introduced during Congress 118 and was introduced to the Senate on April 18, 2023. Bill S 1180's most recent activity was Read twice and referred to the Committee on Homeland Security and Governmental Affairs. as of April 18, 2023

Bipartisan Support of Bill S 1180

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 1180

Primary Policy Focus

Emergency Management

Alternate Title(s) of Bill S 1180

FEMA Loan Interest Payment Relief Act

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.