Governor wants help with Yutu loan

May 18, 2020
Governor wants help with Yutu loan

Governor Ralph Torres has requested my assistance in getting legislation passed allowing the Commonwealth to borrow more than $90 million through FEMA’s Community Disaster Loan program. On Friday, the Governor invited me to a meeting with Bob Fenton, Region IX Administrator for the Federal Emergency Management Agency, along with Lt. Governor Arnold Palacios, and other Commonwealth officials. Community Disaster Loans are intended to help local governments facing funding shortfalls after a major disaster; and they may be cancelled if revenues in the next three fiscal years still do not meet the needs of government operations. The loans are capped at $5 million, however, and the Commonwealth’s revenue losses from typhoons Yutu and Mangkhut are estimated at more than $90 million. Legislation is necessary to lift the cap.