FEMA Loan Interest Payment Relief Act

This bill requires FEMA to reimburse local governments and electric cooperatives for interest paid on disaster recovery loans. It covers interest calculated as the lesser of actual payments or what would have been paid at the current prime rate, for loans where at least 90% of funds were used for disaster-related projects. The reimbursement includes interest from the past nine years and mandates FEMA to process payments within one year of the bill's enactment.