The Storm has Arrived:Trump Signs Bill that Gives Loans 20-30 years at no Interest, The Storm Act

Posted by on January 2, 2021 9:03 pm
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Categories: David J. Harris NATIONAL HEADLINES

President Donald J. Trump signed a bill into law on Monday that passed through the Senate Government Affairs and Homeland Security Committees and was Sponsored by Democrat Senator from Michigan Gary Peters.

The Bill provides for capitalization grants and no-interest loans to states in the case of “disasters and national hazards”.

Peters, a progressive, is considered a “Bipartisan Leader” however he has publically rebuked Trump over election claims:

And he has the Pandemic on his mind:

Peters, who will be considered a hero for his assistance to the American people, has raged against Trump, nonetheless, it was Trump who signed his bill, and no doubt encouraged bipartisan effort:

Remember… Trump said this about something going into effect on Jan. 1 that would make us  hope he wins :

And according to the text of the Bill, Americans will be happy with the conditions time frame of repayment, especially if it goes to small business and government agencies:

“TYPES OF ASSISTANCE.—Amounts deposited in an entity loan fund, including loan repayments and interest earned on such amounts, may be used—

From a White House press release:

On Friday, January 1, 2021, the President signed into law:

S. 3418, the “Safeguarding Tomorrow through Ongoing Risk Mitigation Act” or the “STORM Act,” which authorizes the Federal Emergency Management Agency to provide capitalization grants to States to establish revolving funds to provide hazard mitigation assistance to reduce risks from disasters and natural hazards.

Noteworthy:

According to Congress.Gov:

“Reported to Senate (08/10/2020)

Safeguarding Tomorrow through Ongoing Risk Mitigation Act of 2020 or the STORM Act

This bill authorizes the Federal Emergency Management Agency (FEMA) to enter into agreements with any state or Indian tribal government to make capitalization grants for the establishment of hazard mitigation revolving loan funds.

Such funds shall provide funding assistance to local governments to carry out projects to reduce disaster risk in order to decrease the loss of life and property, the cost of insurance claims, and federal disaster payments.

FEMA shall not be liable for any claim based on the exercise or performance of, or the failure to exercise or perform, a discretionary function or duty by FEMA or by a FEMA employee in carrying out this bill.”

The Text of the Bill:

To amend the Robert T. Stafford Disaster Relief and Emergency Assistance Act to allow the Administrator of the Federal Emergency Management Agency to provide capitalization grants to States to establish revolving funds to provide hazard mitigation assistance to reduce risks from disasters and natural hazards, and other related environmental harm.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the “Safeguarding Tomorrow through Ongoing Risk Mitigation Act” or the “STORM Act”.

SEC. 2. GRANTS TO ENTITIES FOR ESTABLISHMENT OF HAZARD MITIGATION REVOLVING LOAN FUNDS.

Title II of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5131 et seq.) is amended by adding at the end the following:

“SEC. 205. GRANTS TO ENTITIES FOR ESTABLISHMENT OF HAZARD MITIGATION REVOLVING LOAN FUNDS.

 

 

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