FEMA Loan Interest Payment Relief Act

This bill says that when local governments, electric cooperatives, or states take out loans to pay for emergency or disaster work while waiting for FEMA to cover the costs, FEMA must pay them back for the interest they paid on those loans. The rule also applies going back nine years, so groups that already paid interest during that time can get reimbursed too. FEMA would have 30 days after the bill becomes law to set up the process for requesting these payments, and states would then have 60 days to apply. The amount FEMA pays back in interest is capped based on a standard interest rate called the prime rate.

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