Bill
Bill > HR3557
US HR3557
US HR3557To amend the Small Business Act to waive the accrual of interest and payments for certain disaster loans for a year, and for other purposes.
summary
Introduced
05/21/2025
05/21/2025
In Committee
05/21/2025
05/21/2025
Crossed Over
Passed
Dead
Introduced Session
119th Congress
Bill Summary
A BILL To amend the Small Business Act to waive the accrual of interest and payments for certain disaster loans for a year, and for other purposes.
AI Summary
This bill amends the Small Business Act to provide financial relief for small businesses affected by disasters. Specifically, for disaster loans issued after the bill's enactment, the Small Business Administration (SBA) will implement two key provisions for a 12-month period following loan disbursement: first, the interest rate on these loans will be set to zero percent, and second, borrowers will be allowed to defer payments on the loan's principal. This means that small businesses receiving disaster loans during this period will not accrue any interest and will not need to make any principal payments for one year after receiving the loan, providing critical financial breathing room for businesses recovering from disasters. The bill aims to help small businesses more effectively rebuild and stabilize after experiencing significant disruptions caused by declared disasters.
Committee Categories
Business and Industry
Sponsors (3)
Last Action
Referred to the House Committee on Small Business. (on 05/21/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/119th-congress/house-bill/3557/all-info |
| BillText | https://www.congress.gov/119/bills/hr3557/BILLS-119hr3557ih.pdf |
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