Financial Aid for Logging Businesses Affected by Disasters and Insect Infestations
This Act establishes a financial relief program for timber harvesting and hauling businesses that suffer significant revenue losses (at least 10%) due to major disasters, including insect infestations. The goal is to provide economic stability, allowing these businesses to cover operating expenses and maintain their operations. This support helps protect local jobs and the timber supply chain.
Key points
Direct payments for timber businesses: Financial assistance is available if a major disaster causes a loss of 10% or more in gross revenue during a specific period.
Payment calculation: The aid equals 10% of the gross revenue during the affected period and must be used strictly for operating expenses.
Funding: $50 million is authorized for fiscal years 2024 and 2025 to support this program, administered by the Department of Agriculture.
Status:
Expired
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