Superstorm Sandy Relief and Disaster Loan Program Improvement Act of 2015

Bill: 114-s-1811
Sponsor: Sen. Menendez, Robert [D-NJ]
Introduced: 2015-07-21 in the Senate
Policy area: Commerce
Subjects: Congressional oversight
Connecticut
Credit and credit markets
Disaster relief and insurance
Floods and storm protection
Government lending and loan guarantees
Housing finance and home ownership
Natural disasters
New Jersey
New York State
Residential rehabilitation and home repair
Rhode Island
Small business

Summary:
action_date: 2015-07-21
text: 

Superstorm Sandy Relief and Disaster Loan Program Improvement Act of 2015

 
This bill amends the Small Business Act to authorize a small business, homeowner, or renter that was located within a declared major disaster area during Superstorm Sandy in 2012 to apply for a Small Business Administration (SBA) loan to: (1) repair, rehabilitate, or replace property damaged or destroyed because of the storm; or (2) assist a small business that suffered substantial economic injury because of it.
 
The SBA must select loan recipients and make such loans available for at least one year after the date on which it carries out this authority.
 
SBA physical disaster loans may be used to construct a safe room or similar storm shelter designed to protect property and occupants from tornadoes or other natural disasters.
 
In the case of an SBA disaster loan of up to $250,000, the SBA may not require a borrower to pledge his or her primary residence as collateral if: (1) other collateral exists, including assets related to a business's operation; and (2) such an option does not delay the SBA's processing of disaster applications.
 
The SBA shall make a clear and concise notification on all application materials for SBA disaster loans and on relevant websites notifying an applicant that:
 
 
 he or she may submit all documentation necessary for the approval of the loan at the time of application, and
 
failure to do so could delay the loan's approval and disbursement.
 
 
The SBA must establish and implement clear, written policies and procedures for analyzing the ability of a loan applicant to repay a SBA disaster loan.
 
The SBA shall:
 
 
 establish requirements for the approval of economic injury disaster loan assistance that shall include the review of applicant eligibility and require that all supporting documentation is submitted before loan approval, and
 
 require that personnel involved in this approval be trained on these procedures.
 
 
The SBA must report the average processing time for all other disaster loan applications, including disaggregated data on them that were declined by the SBA's automated disaster processing system and those in which the SBA performed loss verification. For each disaster loan the SBA shall report such average processing times on its website and to specified congressional committees.
 
The SBA comprehensive written disaster response plan, and any successor, shall be revised to incorporate the SBA response to a situation in which an extreme volume of applications are received during the period of time immediately after a disaster. The revised plan must: (1) ensure that sufficient human and technological resources are made available, and (2) prevent delays in loan processing.
 
The SBA must:
 
 
 report to Congress on the implementation and status of its private disaster loan program, Immediate Disaster Assistance program, and its expedited disaster assistance business loan program; and
 
 require the Associate Administrator for the Office of Disaster Assistance to consult with depository institutions and credit unions regarding their potential participation in any of these programs.


action_date: 2015-10-08
text: 

Superstorm Sandy Relief and Disaster Loan Program Improvement Act of 2015

 
(Sec. 3) This bill amends the Small Business Act to authorize a small business, homeowner, nonprofit entity, or renter that was located within a declared major disaster area during Superstorm Sandy in 2012 to apply for a Small Business Administration (SBA) loan to: (1) repair, rehabilitate, or replace property damaged or destroyed because of the storm; or (2) assist a small business that suffered substantial economic injury because of it.
 
The SBA must select loan recipients and make such loans available for at least one year after the date on which it begins carrying out this authority.
 
The SBA Inspector General must review the controls for ensuring applicant eligibility for these loans.
 
(Sec. 4) SBA physical disaster loans may be used to construct a safe room or similar storm shelter designed to protect property and occupants from tornadoes or other natural disasters, if they are constructed in accordance with applicable standards issued by the Federal Emergency Management Agency (FEMA).
 
(Sec. 5) The SBA shall make a clear and concise notification on all application materials for SBA disaster loans and on relevant websites notifying an applicant that:
 
 
 he or she may submit all documentation necessary for the approval of the loan at the time of application, and
 
failure to do so could delay the loan's approval and disbursement.

 
(Sec. 6) The SBA shall revise the comprehensive written disaster response plan, and any successor, to incorporate its response to a situation in which an extreme volume of applications are received during the period of time immediately after a disaster. The revised plan must: (1) ensure that sufficient human and technological resources are made available, and (2) prevent delays in loan processing.


Legislative actions:
action_date: 2016-12-20
text: By Senator Vitter from Committee on Small Business and Entrepreneurship filed written report under authority of the order of the Senate of 12/10/2016. Report No. 114-409.
action_date: 2016-12-20
text: By Senator Vitter from Committee on Small Business and Entrepreneurship filed written report under authority of the order of the Senate of 12/10/2016. Report No. 114-409.
action_date: 2015-10-08
text: Placed on Senate Legislative Calendar under General Orders. Calendar No. 254.
action_date: 2015-10-08
text: Committee on Small Business and Entrepreneurship. Reported by Senator Vitter with amendments. Without written report.
action_date: 2015-10-08
text: Committee on Small Business and Entrepreneurship. Reported by Senator Vitter with amendments. Without written report.
action_date: 2015-10-07
text: Committee on Small Business and Entrepreneurship. Ordered to be reported with amendments favorably.
action_date: 2015-07-21
text: Read twice and referred to the Committee on Small Business and Entrepreneurship.
action_date: 2015-07-21
text: Introduced in Senate