Urges President and Congress to enact legislation forgiving community disaster loans issued after Superstorm Sandy.
Impact
The resolution asserts that obligatory repayment of these loans could pose severe economic hardships on New Jersey communities, particularly during a time when many are experiencing the dual crises of recovery from Superstorm Sandy and the impacts of COVID-19. The resolution emphasizes that federal assistance for these loans was intended to be flexible and forgiving. Failing to implement such forgiveness could hinder the recovery efforts of the municipalities that relied on this support during the disaster response.
Summary
Senate Concurrent Resolution No. 49 (SCR49) urges the President of the United States and Congress to enact legislation that would forgive community disaster loans issued to municipalities in New Jersey following the devastation of Superstorm Sandy. This resolution highlights the ongoing struggle that New Jersey faces from this disaster, compounded by the economic fallout from the COVID-19 pandemic. The resolution notes that many residents continue to grapple with the financial burden stemming from the aftermath of Sandy, and recent pressures from FEMA to start repaying these loans would exacerbate an already difficult situation.
Conclusion
SCR49 advocates for significant federal assistance that not only seeks to alleviate the repayment pressures but also aims to stabilize and support New Jersey's economy in the wake of ongoing challenges. The resolution underscores the necessity of addressing these financial burdens as a matter of urgency, to prevent an additional layer of economic strain on communities still recovering from historical disasters.
Contention
Moreover, the resolution points to a potential conflict resulting from the duplication of benefits policy, which can restrict further disaster relief for individuals who previously received small business loans – a situation that could affect the capacity of these residents to obtain additional assistance during the COVID-19 pandemic. Legislative efforts like Rep. Chris Smith's H.R. 6454, which aims for the forgiveness of these loans, exemplify ongoing attempts to remedy the situation, but challenges remain in achieving this support.
Requires DCA to resume Reconstruction, Rehabilitation, Elevation and Mitigation program with remaining funds for unmet recovery and rebuilding needs for Superstorm Sandy-impacted homeowners.
Requires DCA to resume Reconstruction, Rehabilitation, Elevation and Mitigation program with remaining funds for unmet recovery and rebuilding needs for Superstorm Sandy-impacted homeowners.