Financial Aid for Logging Businesses Affected by Major Disasters.
This law establishes a financial assistance program for timber harvesting and hauling businesses that experience significant revenue loss (at least 10%) due to major disasters, including insect infestations. The program aims to stabilize this economic sector by providing funds specifically for operating expenses. This indirectly benefits citizens by helping maintain the stability of wood product supply chains and supporting rural employment.
Key points
Logging and timber hauling companies can receive financial payments if they lose 10% or more of their gross revenue due to a major disaster.
The payment amount is 10% of the gross revenue during the affected period and must be used strictly for business operating expenses.
The program is authorized to receive $50 million annually from 2024 through 2028 to protect jobs and timber supply.
Status:
Expired
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