[Congressional Record Volume 167, Number 42 (Friday, March 5, 2021)]
[Senate]
[Page S1360]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1297. Mr. RUBIO submitted an amendment intended to be proposed to 
amendment SA 891 proposed by Mr. Schumer (for himself, Mr. Wyden, Mrs. 
Murray, Mr. Brown, Mr. Peters, Mr. Cardin, Ms. Cantwell, Ms. Stabenow, 
Mr. Tester, Mr. Menendez, Mr. Schatz, Mr. Carper, Mr. Leahy, and Mr. 
Sanders) to the bill H.R. 1319, to provide for reconciliation pursuant 
to title II of S.Con.Res. 5; which was ordered to lie on the table; as 
follows:
       At the appropriate place, insert the following:
       In section 4001(a), strike ``$570,000,000'' and insert 
     ``$370,000,000''.
       At the end of title IV, add the following:

     SEC. 4015. REIMBURSEMENT OF INTEREST PAYMENTS RELATED TO 
                   PUBLIC ASSISTANCE.

       (a) In General.--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:

     ``SEC. 431. REIMBURSEMENT OF INTEREST PAYMENTS RELATED TO 
                   PUBLIC ASSISTANCE.

       ``(a) In General.--The President, acting through the 
     Administrator of the Federal Emergency Management Agency, may 
     provide financial assistance at the applicable Federal share 
     to State or local governments or owners or operators of 
     private nonprofit facilities as reimbursement for qualifying 
     interest.
       ``(b) Definitions.--In this section, the following 
     definitions apply:
       ``(1) Qualifying interest.--The term `qualifying interest' 
     means, with respect to a qualifying loan, the lesser of--
       ``(A) the actual interest paid to a lender for such 
     qualifying loan; and
       ``(B) 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.
       ``(2) Qualifying loan.--The term `qualifying loan' means a 
     loan--
       ``(A) obtained by a State or local government or an owner 
     or operator of a private nonprofit facility; and
       ``(B) of which not less than 90 percent of the proceeds are 
     used to fund activities for which such State or local 
     government or owner or operator receives assistance under 
     this Act after the date on which such loan is disbursed.''.
       (b) Rule of Applicability.--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 
     subsection (a)) incurred by a State or local government or 
     owner or operator of a private nonprofit facility 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.
                                 ______