Small Business Disaster Damage Fairness Act of 2024

Bill: 118-hr-9611
Sponsor: full_name: Rep. Neguse, Joe [D-CO-2]
Introduced: 2024-09-16
Policy area: Commerce
Latest action: action_date: 2024-09-16
text: Referred to the House Committee on Small Business.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 9611 IN THE HOUSE OF REPRESENTATIVES September 16, 2024 Mr. Neguse (for himself and Mr. Obernolte ) introduced the following bill; which was referred to the Committee on Small Business A BILL To increase the minimum disaster loan amount for which the Small Business Administration may require collateral, and for other purposes.

1. Short title This Act may be cited as the Small Business Disaster Damage Fairness Act of 2024 . 2. Collateral requirements for disaster loans 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 $14,000 and inserting $50,000 ; and (2) by striking major disaster and inserting disaster . 3. GAO report on default rates Not later than 3 years after the date of the enactment of this Act, the Comptroller General of the United States shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report on the performance, including the default rate, of loans made under section 7(b)(1) of the Small Business Act ( 15 U.S.C. 636(b)(1) ), and the impact of the amendments to collateral amounts made under section 2 of this Act on the performance of those loans, during the period— (1) beginning on September 30, 2020; and (2) ending on the date on that is 2 years after the date of the enactment of this Act.