To amend the Small Business Act to waive the accrual of interest and payments for certain disaster loans for a year, and for other purposes.

Bill: 119-hr-3557
Sponsor: full_name: Rep. Neguse, Joe [D-CO-2]
Introduced: 2025-05-21
Policy area: Commerce
Latest action: action_date: 2025-05-21
text: Referred to the House Committee on Small Business.

Summaries:

tv_txt: I 119th CONGRESS 1st Session H. R. 3557 IN THE HOUSE OF REPRESENTATIVES May 21, 2025 Mr. Neguse (for himself and Mr. Ciscomani ) introduced the following bill; which was referred to the Committee on Small Business A BILL To amend the Small Business Act to waive the accrual of interest and payments for certain disaster loans for a year, and for other purposes.

1. Waiver of interest accrual and payments for certain disaster loans Section 7(d) of the Small Business Act ( 15 U.S.C. 636(d) ) is amended by adding at the end the following paragraph: (9) Waiver of interest accrual and payments With respect to a loan made under subsection (b) for disasters declared on or after the date of the enactment of this paragraph, the Administrator shall, for the 12-month period beginning on the date of disbursement of such loan— (A) establish a rate of interest on such loan of zero percent; and (B) defer payments during such period on the principal of such loan. .