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Senate backs plan for $50M revolving loan fund to speed local disaster recovery after damaging ice storm
Summary
Senators approved a proposal to create a revolving loan program to give counties quick access to liquidity while awaiting FEMA reimbursements; sponsors described a $50 million conceptual fund to be administered by DFA with repayment from future FEMA project worksheets.
JACKSON — In the wake of a generational ice storm that left parts of northern Mississippi without power for days, the Senate voted to advance a measure to create a revolving loan program to give counties and municipalities rapid liquidity while they await federal reimbursements.
Senator Delano told the chamber the proposal is a temporary mechanism — "a revolving loan fund" — designed to move money quickly to eligible counties so they can continue response and recovery work while FEMA processes project worksheets. "We are wanting to make sure that the program the loan program is conforming with how documents will be provided to…
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