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Finance Committee agrees to seek language change on H 398 disaster loan eligibility for businesses
Summary
Legislative counsel reviewed a House amendment to H 398 that creates a $2 million disaster-recovery revolving loan fund administered by VITA; committee members agreed to ask the House to change a proposed prohibition so VITA must consider other state assistance rather than bar applicants who already received state disaster aid.
The Finance Committee discussed proposed changes to H 398, a bill that would create a disaster-recovery revolving loan fund administered through VITA, and agreed to ask the House to alter language that would bar businesses from accessing the fund if they had already received state disaster recovery aid.
The change under discussion matters because the bill as amended by the Senate would limit a business’s ability to receive a VITA loan if it previously obtained state disaster financial assistance for the same event, while the committee’s preferred approach would require VITA to consider other aid but not automatically disqualify applicants.
Karen Woods, legislative counsel, outlined the Senate amendment and a further…
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