Bill > HR1021

This bill amends the Small Business Act to make several changes to disaster loan programs administered by the Small Business Administration (SBA). Specifically, the bill increases the minimum disaster loan amount that can be issued without requiring collateral from $14,000 to $50,000, and removes the qualifier "major" from the disaster designation. The bill also requires the Government Accountability Office (GAO) to submit a report within three years examining the default rates and performance of these disaster loans, analyzing the impact of the new collateral threshold. Additionally, the bill mandates that the SBA develop targeted marketing and outreach strategies that differentiate between rural and urban communities, addressing specific challenges rural businesses face in accessing disaster loans. This approach stems from a GAO recommendation aimed at improving loan accessibility for businesses in rural areas. The bill's provisions are designed to make disaster loan assistance more accessible and flexible for small businesses recovering from various types of disasters.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/1021/all-info