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VIRGIN ISLANDS APPROVED FOR COMMUNITY LOANS…..
Federal Emergency Management Agency
Private Sector Division/
National Business Emergency Operations Center
Private Sector Advisory
The U.S. Virgin Islands Qualifies to Receive Up to $371 Million in Community Disaster Loans
November 7, 2017
The Department of Homeland Security’s (DHS) Federal Emergency Management Agency (FEMA) announced today the provision of additional resources and services to support ongoing operational needs for the U.S. Virgin Islands, in the form of federal loans.
On Oct. 26, 2017, President Trump signed supplemental appropriations funding permitting the transfer of up to $4.6 billion to FEMA’s Community Disaster Loan (CDL) Program. CDLs help local governments continue to provide essential operating services after a major disaster. FEMA, in consultation with the U.S. Department of the Treasury, determined the U.S. Virgin Islands now qualifies to receive up to $371 million in CDLs. These funds will help the U.S. Virgin Islands continue to perform essential government functions as the territory recovers from Hurricanes Irma and Maria.
The CDL package was presented today to the U.S. Virgin Islands’ Governor’s Authorized Representative for further review and consultation with FEMA in regard to the loan terms. Upon agreement, the loan funding will be transferred to budgetary accounts for dispersal to the U.S. Virgin Islands’ central government, the Gov. Juan F. Luis Hospital & Medical Center, the Roy Lester Schneider Hospital-Schneider Regional Medical Center, and the U.S. Virgin Islands Water and Power Authority.
Loan funds will be withdrawn in increments based on actual, immediate cash needs as necessary to maintain essential government operations supported by financial documentation. FEMA, in consultation with the U.S. Department of the Treasury, implemented additional reporting requirements (e.g., submissions of cash receipts, cash outlays, restricted and unrestricted cash balances, and other cash flows) to ensure CDL funds are being used appropriately.
FEMA, in consultation with the U.S. Department of the Treasury, continues to work closely with states and territories affected by Hurricanes Harvey, Maria, and Irma to determine eligibility and appropriate loan authority for their CDLs.