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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.
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Additional Information
Print number: 118_S_4251
Sponsor: Sen. Collins, Susan M. [R-ME]
Process start date: 2024-05-02
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Loggers Economic Assistance and Relief Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_4251.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-05-02.

What are the main provisions?

Key points include:

  • 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.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Collins, Susan M. [R-ME].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Agriculture Economy