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119-hr-1375119th CongressWALLET

To amend the Small Business Act with respect to the maximum additional loan amount for certain disaster loans, and for other purposes.

Sponsored By: Representative Castor, Kathy [D-FL-14]

Introduced

Summary

Increases the extra disaster loan cap from 20% to 30% under the Small Business Act. This bill would raise the maximum percentage that can be provided as an additional disaster loan under 15 U.S.C. 636(b)(1)(A) from 20% to 30%, letting qualifying small businesses access larger supplemental funds after a declared disaster.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Small businesses could borrow more after disasters

This bill would raise the cap on extra funds for Small Business Administration (SBA) disaster loans. The additional loan limit would increase from 20% to 30% of your original loan amount. For example, on a $200,000 loan, the extra cap would rise from $40,000 to $60,000. If enacted, this would apply to eligible SBA disaster loans and take effect upon enactment.

Sponsors & CoSponsors

Sponsor

Castor, Kathy [D-FL-14]

FL • D

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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