The Senate Small Business and Entrepreneurship Committee will consider legislation this week focused on improving disaster relief for companies.
The panel plans to vote on S. 300, the “Disaster Loan Accountability and Reform Act,” from Sen. Ted Budd (R-N.C.). The legislation, which has bipartisan support, would add reporting requirements for the Small Business Administration’s disaster loan fund.
Each month, the administration would need to report details including when available funding will hit 10 percent of the most recent appropriation. The bill is intended to avoid a shortfall, which happened in October in the wake of Hurricanes Milton and Helene.
The committee last week approved S. 371, the “SBA Disaster Transparency Act” from Sen. Tim Scott (R-S.C.). It would also address last year’s shortfall by requiring that monthly information about SBA’s disaster loan account be made available to the public.
