Bill > S300

This bill, known as the Disaster Loan Accountability and Reform Act (DLARA), aims to improve oversight and management of the Small Business Administration's (SBA) disaster loan program through several key provisions. The bill requires the SBA to provide monthly reports to Congress with detailed information about disaster loan funding, including projected funding depletion dates and changes in financial estimates. It mandates that the federal budget requests include separate statements about disaster loan costs, administrative expenses, and 10-year average costs for both standard disaster loans and COVID-related economic injury disaster loans (EIDL). The bill introduces new requirements when disaster loan funding is low, such as requiring the SBA Administrator to notify Congress within 24 hours if available funds drop below 10% of the average annual cost and potentially limiting new loan obligations. Additionally, the bill requires multiple reports and reviews, including a Government Accountability Office (GAO) analysis of SBA disaster loan accounts, a review of recent changes to loan programs, and an Inspector General investigation into any funding shortfalls. The SBA must also submit reports detailing how it will improve budget forecasting and data quality for disaster loan programs. These provisions are designed to enhance transparency, accountability, and financial management of the SBA's disaster loan program.

Business and Industry

https://www.congress.gov/bill/119th-congress/senate-bill/300/all-info