-Loans
over grants? Wait for the grant. What about 2018 Hurricane Season?
Will you be able to pay off any existing
loans by the 2018 Season?
VIRGIN ISLANDS APPROVED FOR COMMUNITY LOANS…..
Federal
Emergency Management Agency
Private Sector Division/ National Business Emergency Operations Center FEMA-Private-Sector@fema.dhs.gov
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Loan funds will be withdrawn in increments based on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.
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