The bill would raise the specified disaster-loan amount from $14,000 to $50,000 and change the related rule to apply to a “disaster,” rather than only a “major disaster.” It would also require the Small Business Administration to distinguish rural and urban communities in disaster-loan outreach and address challenges rural communities face in accessing loans. Within three years of enactment, the Comptroller General would report on disaster-loan performance, including defaults, and the effect of the collateral change. The bill was referred to the House Committee on Small Business.
If enacted, the change could allow eligible borrowers to receive disaster loans up to the specified amount without collateral being required under this provision. The Small Business Administration would also tailor its outreach to rural and urban communities and take steps to address rural access challenges. The bill does not describe specific eligibility decisions or outreach actions.
The bill text does not specify costs or provide funding for these requirements.
No publicly available information.
No publicly available information.