Financial Aid for Logging Businesses Affected by Major Disasters and Revenue Loss.
This Act establishes a financial relief program for timber harvesting and hauling businesses that experience significant revenue loss due to major disasters, including insect infestations. The goal is to stabilize the industry and local employment by providing direct payments to cover operating expenses. Eligible businesses must show at least a 10% revenue drop compared to the previous year to qualify for assistance.
Key points
Provides financial payments to timber harvesting and hauling businesses suffering losses from major disasters or insect infestations.
Eligibility requires demonstrating a revenue loss of at least 10% during a 30-day period or quarter compared to the previous year.
Payments are capped at 10% of the gross revenue during the affected period and must be used solely for operating expenses.
The program is authorized to receive $50 million annually from 2025 through 2029 to support the stability of the logging sector.
Status:
Introduced
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