Sec. 8. Reimbursement of interest payments related to public assistance
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Title IV of the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5170 et seq. ) is amended by adding at the end the following: For purposes of assistance under this title, the President shall provide financial assistance at the applicable Federal share to a State or local government, electric cooperative, or nonprofit organization as reimbursement for qualifying interest. In this section, the following definitions apply: The term qualifying interest means, with respect to a qualifying loan, the lesser of— the actual interest paid to a lender for such qualifying loan; and the interest that would have been paid to a lender if such qualifying loan had an interest rate equal to the prime rate most recently published on the Federal Reserve Statistical Release on selected interest rates.
The term qualifying loan means a loan— obtained by a State or local government, electric cooperative, or nonprofit organization; and of which not less than 90 percent of the proceeds are used to fund activities for which such State or local government, electric cooperative, or nonprofit organization receives assistance under this Act after the date on which such loan is disbursed. . Any qualifying interest (as such term is defined in section 431 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act, as added by this section) incurred by a State or local government, electric cooperative, or nonprofit organization in the 5 years preceding the date of enactment of this Act shall be treated as eligible for financial assistance for purposes of such section 431.
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Sec. 8
Reimbursement of interest payments related to public assistance
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