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Lawmakers discuss guardrails for S 60 revolving loan aid for flood‑hit businesses
Summary
State lawmakers discussed an amendment to S 60 to add guidelines limiting duplicate payments and annual reuse of state revolving loan funds intended to help flood‑impacted businesses, including farms; no formal vote was taken and language will be circulated for review.
Representative Branning told a legislative committee that S 60, a provision tied to the VIDA bill, needs clearer rules to prevent duplicate state payments to flood‑impacted businesses and farms.
"S 60 came to my attention while we were working on the VIDA bill," Branning said, adding that he is "putting together and working on, with NOFA, some kind of guidelines to make sure that the funds are used, with some guardrails."
The proposal discussed would limit use of the revolving loan fund so businesses could not draw repeatedly for the same kind of loss or receive overlapping state funding for a single loss. Branning said the intent is "to make sure that it's…
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