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Committee advances fund to cover local loan interest and a recovery loan program for Hurricane Helene
Summary
House Bill 6003 would create a Hurricane Helene interest-payment fund covering up to 5% interest for three years and re-create a governor's recovery loan fund; the committee approved the measure and sent it to calendar and rules by voice and roll-call (26 ayes).
The Finance, Ways and Means Committee approved House Bill 6003 on Jan. 28, a bill that establishes a Hurricane Helene Interest Payment Fund and re-creates a recovery loan fund intended to provide flexible financial resources for future emergencies.
Chairman Hicks described two main components: a fund to cover loan interest on recovery costs — “covering loans, interest at 5% annually for 3 years,” he said — and a separate, flexible loan fund to support future recovery needs including agricultural losses, unemployment assistance and business recovery. Hicks told the committee the interest-payment fund has an estimated fiscal note of $110,000,000 and the recovery loan fund was estimated at $100,000,000.
Representative Clemens pressed whether the bill includes money to help people who have lost employer-provided health coverage after disasters. Hicks said the text of the bill does not mention TennCare or direct health coverage, but suggested rules-stage work or future bills could address related needs.
Committee members expressed concern about whether the proposed appropriations would be sufficient given ongoing recovery needs. Hicks said he anticipated additional requests and described the bill as “a great start” that could be supplemented later in the process.
The committee took a roll-call vote; the clerk recorded 26 ayes and no recorded no votes. Chairman Hicks announced the motion carries and the bill moves to calendar and rules.
Next steps: the bill advances to calendar and rules for scheduling on the House floor. Committee members said administration witnesses were present for technical questions but not called to testify at length during the committee debate.
