Bill > S397

This bill modifies the Small Business Act to improve disaster loan accessibility and support for small businesses. Specifically, it increases the minimum disaster loan amount that the Small Business Administration (SBA) can provide without requiring collateral from $14,000 to $50,000, removing the restriction that this only applies to "major" disasters. The bill also requires the Government Accountability Office (GAO) to submit a report within three years analyzing the default rates and performance of disaster loans, focusing on the period from September 30, 2020, to two years after the bill's enactment. Additionally, the legislation mandates that the SBA develop distinct outreach and marketing strategies for rural and urban communities, ensuring that the disaster loan program addresses the unique challenges faced by rural small businesses in accessing loans. These changes aim to provide more flexible and accessible financial support to small businesses recovering from various types of disasters, with a particular focus on supporting rural communities.

Business and Industry

https://www.congress.gov/bill/119th-congress/senate-bill/397/all-info