Appropriates $12.5 billion to the Federal Emergency Management Agency (FEMA) for disaster assistance under the Robert T. Stafford Disaster Relief and Emergency Assistance Act.
Rescinds $15 billion of unobligated balances from the Pension Benefit Guaranty Corporation.
Allocates $1.5 billion to the Small Business Administration for Economic Injury Disaster Loans for areas affected by declared emergencies or major disasters.
Establishes an additional new markets tax credit limitation of $1 billion for low-income communities impacted by Hurricanes Helene and Milton for the calendar year 2024.
Specifies that the new markets tax credit is restricted to low-income communities affected by the aforementioned hurricanes, as determined by the President.
Prohibits the appropriation of federal funds to the Shelter and Services Program of FEMA, effective from the date of enactment.
Transfers unobligated balances from the Shelter and Services Program to the Robert T. Stafford Disaster Relief and Emergency Assistance Act for necessary expenses.
