Title: ASCEND Act of 2018
Policy area: Commerce

Summary:
Access to Sufficient Capital for Everyone in Natural Disaster areas Act of 2018 or the ASCEND Act of 2018
This bill makes Small Business Administration loans available to small business concerns, homeowners, nonprofit entities, and renters located in an area where a major disaster was declared by reason of by Hurricane Harvey, Irma, or Maria. The bill also revises collateral requirements for disaster loans.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6826 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 6826

   To amend the Small Business Act to provide for disaster loans to 
   repair, rehabilitate, or replace property damaged or destroyed by 
       hurricane Harvey, Irma, or Maria, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 13, 2018

Ms. Velazquez introduced the following bill; which was referred to the 
                      Committee on Small Business

_______________________________________________________________________

                                 A BILL


 
   To amend the Small Business Act to provide for disaster loans to 
   repair, rehabilitate, or replace property damaged or destroyed by 
       hurricane Harvey, Irma, or Maria, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Access to Sufficient Capital for 
Everyone in Natural Disaster areas Act of 2018'' or the ``ASCEND Act of 
2018''.

SEC. 2. REVISED DISASTER DEADLINE.

    Section 7(d) of the Small Business Act (15 U.S.C. 636(d)) is 
amended by adding at the end the following:
            ``(9) Disaster loans for hurricanes harvey, irma, and 
        maria.--
                    ``(A) In general.--Notwithstanding any other 
                provision of law, and subject to the same requirements 
                and procedures that are used to make loans pursuant to 
                subsection (b), a small business concern, homeowner, 
                nonprofit entity, or renter that was located within an 
                area and during the time period with respect to which a 
                major disaster was declared by the President under 
                section 401 of the Robert T. Stafford Disaster Relief 
                and Emergency Assistance Act (42 U.S.C. 5170) by reason 
                of hurricane Harvey, Irma, or Maria may apply to the 
                Administrator--
                            ``(i) for a loan to repair, rehabilitate, 
                        or replace property damaged or destroyed by 
                        reason of hurricane Harvey, Irma, or Maria; or
                            ``(ii) if such a small business concern has 
                        suffered substantial economic injury by reason 
                        of hurricane Harvey, Irma, or Maria, for a loan 
                        to assist such a small business concern.
                    ``(B) Timing.--The Administrator shall select loan 
                recipients and make available loans for a period of not 
                less than 1 year after the date on which the 
                Administrator carries out this authority.
                    ``(C) Inspector general review.--Not later than 6 
                months after the date on which the Administrator begins 
                carrying out this authority, the Inspector General of 
                the Administration shall initiate a review of the 
                controls for ensuring applicant eligibility for loans 
                made under this paragraph.''.

SEC. 3. COLLATERAL REQUIREMENTS FOR DISASTER LOANS.

    (a) Amendment to the RISE After Disaster Act of 2015.--
            (1) In general.--Section 2102 of the RISE After Disaster 
        Act of 2015 is amended by striking subsection (b).
            (2) Effective date.--The amendment made by paragraph (1) 
        shall take effect as though enacted as part of the RISE After 
        Disaster Act of 2015.
    (b) Sunset.--Effective on the date that is 5 years after the date 
of enactment of this Act, section 7(d)(6) of the Small Business Act (15 
U.S.C. 636(d)(6)) is amended in the third proviso--
            (1) by striking ``$25,000'' and inserting ``$14,000''; and
            (2) by inserting ``major'' before ``disaster''.
    (c) Report.--Not later than 180 days before the date on which the 
amendments made by subsection (b) are to take effect, the Administrator 
of the Small Business Administration shall submit to Committee on Small 
Business and Entrepreneurship of the Senate and the Committee on Small 
Business of the House of Representatives a report on the effects of the 
amendments made by subsection (a), which shall include--
            (1) an assessment of the impact and benefits resulting from 
        the amendments; and
            (2) a recommendation as to whether the amendments should be 
        made permanent.
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