Sec. 1004. Community disaster loans
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/bill/115/s/2165/is/section-1004·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Notwithstanding section 102 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5122 ), for purposes of assistance under section 417 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5184 ), with respect to a covered disaster— Puerto Rico and the Virgin Islands shall be deemed to be local governments; and an instrumentality or local government of Puerto Rico or the Virgin Islands shall be deemed to be a local government.
Repayment of a loan made to a local government in a covered disaster area under section 417 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5184 ), including any interest on such loan, shall not be required. Any loan made to a local government in a covered disaster area under section 417 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5184 ) may be used at the discretion of the loan recipient to pay the upfront costs of any project relating to the covered disaster for which amounts are awarded under the public assistance grant program.
Any loan made under section 417 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5184 ) in a covered disaster area may not be used to pay principal or interest due on a bond or other debt that was issued or incurred before the date of the covered disaster.
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