Small Business Disaster Recovery Improvement Act

Bill: 116-s-2148
Sponsor: full_name: Sen. Kennedy, John [R-LA]
Introduced: 2019-07-17
Policy area: Commerce
Subjects: Disaster relief and insurance

Government lending and loan guarantees

Small business
Latest action: action_date: 2019-07-17
text: Read twice and referred to the Committee on Small Business and Entrepreneurship.

Summaries:
action_date: 2019-07-17
action_desc: Introduced in Senate
text: <p><b>Small Business Disaster Recovery Improvement Act</b></p> <p>This bill requires the Small Business Administration to provide a designated percentage of disaster loan program funding that is available in a given year to assist the disaster recovery and growth of small businesses in an area where the President has declared a major disaster.</p>

tv_txt: II 116th CONGRESS 1st Session S. 2148 IN THE SENATE OF THE UNITED STATES July 17, 2019 Mr. Kennedy introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To amend the Small Business Act to provide additional awards for disaster recovery, and for other purposes.

1. Short title This Act may be cited as the Small Business Disaster Recovery Improvement Act . 2. Additional awards for disaster recovery Section 7(b)(12) of the Small Business Act ( 15 U.S.C. 636(b)(12) ) is amended— (1) in subparagraph (A), by striking may and inserting shall ; and (2) by adding at the end the following: (I) Award amount (i) In general The total amount of financial assistance provided under this paragraph in a fiscal year shall be in an amount that is not less than 3 percent and not more than 5 percent of the total amount made available for that fiscal year for administrative expenses to carry out the disaster loan program under this subsection, including amounts made available as emergency supplemental appropriations. (ii) Remainder Any financial assistance allocated to an entity under clause (i) that remains unobligated by the end of the fiscal year in which the financial assistance is made available shall be reallocated to the Administrator to provide loans under this subsection. .