Authorizes the President to make community disaster loans to New York City and the State of New York for tax and other revenue losses as a result of the major disaster caused by the terrorist attacks of September 11, 2001. Provides that the total amount of such loans shall be $8.8 billion or such greater amount as is determined by the President to be necessary to cover such losses. Prohibits the President from requiring the payment of any interest or principal on such loans.