Section 2. Payments.--(a) Payments to any such person determined to be eligible under section 1 of this act shall not exceed the lesser of: (i) fifteen per cent of the damages attributable to said floods in excess of five thousand dollars ($5,000) or (ii) five thousand dollars ($5,000). Damages as used in this section shall not include preflood indebtedness which has been consolidated with the property loss, nor shall it include any loss covered by an insurance policy. Any additional compensation or other assistance received from the United States, except for the Farmers Home Administration loan, or from the Commonwealth, or from other agencies, shall be added to increase the five thousand dollars ($5,000) base not eligible in computation of the grant.
(b) If sufficient funds are not allocated herein, distribution of grants shall be on a pro rata basis.
(c) Six per cent shall be added to all grants hereunder.