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—
“(A) to make loans, on the condition that—
“(i) such loans are made at an interest rate of not more than 1 percent;
“(ii) annual principal and interest payments will commence not later than 1 year after completion of any project and all loans made under this subparagraph will be fully amortized—
“(I) not later than 20 years after the date on which the project is completed; or
“(II) for projects in a low-income geographic area, not later than 30 years after the date on which the project is completed and not longer than the expected design life of the project;”
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.
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.
“(a) General Authority.—
“(1) IN GENERAL.—The Administrator may enter into agreements with eligible entities to make capitalization grants to such entities for the establishment of hazard mitigation revolving loan funds (referred to in this section as ‘entity loan funds’) for providing funding assistance to local governments to carry out eligible projects under this section to reduce disaster risks for homeowners, businesses, nonprofit organizations, and communities in order to decrease—
“(A) the loss of life and property;
“(B) the cost of insurance; and
“(C) Federal disaster payments.
“(2) AGREEMENTS.—Any agreement entered into under this section shall require the participating entity to—
“(A) comply with the requirements of this section; and
“(B) use accounting, audit, and fiscal procedures conforming to generally accepted accounting standards.
“(1) IN GENERAL.—To be eligible to receive a capitalization grant under this section, an eligible entity shall submit to the Administrator an application that includes the following:
“(A) Project proposals comprised of local government hazard mitigation projects, on the condition that the entity provides public notice not less than 6 weeks prior to the submission of an application.
“(B) An assessment of recurring major disaster vulnerabilities impacting the entity that demonstrates a risk to life and property.
“(C) A description of how the hazard mitigation plan of the entity has or has not taken the vulnerabilities described in subparagraph (B) into account.
“(D) A description about how the projects described in subparagraph (A) could conform with the hazard mitigation plan of the entity and of the unit of local government.
“(E) A proposal of the systematic and regional approach to achieve resilience in a vulnerable area, including impacts to river basins, river corridors, watersheds, estuaries, bays, coastal regions, micro-basins, micro-watersheds, ecosystems, and areas at risk of earthquakes, tsunamis, droughts, severe storms, and wildfires, including the wildland-urban interface.
“(2) TECHNICAL ASSISTANCE.—The Administrator shall provide technical assistance to eligible entities for applications under this section.
“(c) Entity Loan Fund.—
“(1) ESTABLISHMENT OF FUND.—An entity that receives a capitalization grant under this section shall establish an entity loan fund that complies with the requirements of this subsection.
“(2) FUND MANAGEMENT.—Except as provided in paragraph (3), entity loan funds shall—
“(A) be administered by the agency responsible for emergency management; and
“(B) include only—
“(i) funds provided by a capitalization grant under this section;
“(ii) repayments of loans under this section to the entity loan fund; and
“(iii) interest earned on amounts in the entity loan fund.
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