Urges President and Congress to enact legislation forgiving community disaster loans issued after Superstorm Sandy.
Impact
This resolution emphasizes the pressure that mandatory repayment of community disaster loans places on New Jersey municipalities. Despite the original assurance that these loans could be repaid gradually with the possibility of total forgiveness, the recent demand for immediate repayment creates an additional burden at a time when many communities are already struggling. The resolution recognizes that forgiving these loans would provide critical support and economic relief to the state, which is particularly vulnerable due to high rates of COVID-19 impacts among its population.
Summary
Senate Concurrent Resolution No. 20 (SCR20) urges the President of the United States and Congress to enact legislation forgiving community disaster loans issued to New Jersey municipalities following Superstorm Sandy in 2012. The resolution arises amidst ongoing economic turmoil exacerbated by the COVID-19 pandemic, which has significantly affected New Jersey residents. Many individuals and communities are still grappling with the financial repercussions of Superstorm Sandy, while the pandemic presents new challenges to their economic stability.
Contention
Notably, the bill also addresses the issue of duplication of benefits for residents who received small business loans after Superstorm Sandy and may seek further disaster relief amid the COVID-19 crisis. The acknowledgment of potential barriers in receiving aid due to previous assistance underlines the need for legislative reform to ensure those in need can access the necessary support without disqualification. This is especially relevant as local governments continue to manage the long-term implications of both past and current disasters.
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.