Whatever It Takes to Rebuild Act, Part II - Repeals the Community Disaster Loan Act of 2005.
Amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to authorize the President to make community disaster loans to any state government which may suffer a substantial loss of tax and other revenue as a result of a major disaster, and has demonstrated a need for financial assistance in order to perform its governmental functions.
Removes the $5 million cap set for community disaster loans.
Provides that in the case of a community disaster loan made to a state or local government which suffers a substantial loss of tax and other revenues as a result of a major disaster the President determines to be an incident of national significance: (1) the amount of the loan shall not be subject to the current limitation of 25% of the annual operating budget of that state or local government for the fiscal year in which the major disaster occurs; and (2) the President shall not require the payment of any interest or principal on a loans.