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Small Business Support: Disaster Preparedness Loans

This act aims to strengthen the loan program for small businesses, helping them prepare for natural disasters. This allows entrepreneurs to protect their property and assets, reducing losses and enabling faster recovery after catastrophes. The amount of disaster recovery loans is also increased.
Key points
Small businesses can receive up to $500,000 in loans for disaster preparedness, e.g., for strengthening buildings or protecting equipment.
The program will be actively promoted, especially in economically distressed areas, to ensure more businesses can access assistance.
The additional loan amount for disaster recovery has been increased from 20% to 30% of the damage value, providing greater support after an event.
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Expired
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Additional Information
Print number: 118_HR_2966
Sponsor: Rep. Morelle, Joseph D. [D-NY-25]
Process start date: 2023-04-27
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

PREPARE Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_2966.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-04-27.

What are the main provisions?

Key points include:

  • Small businesses can receive up to $500,000 in loans for disaster preparedness, e.g., for strengthening buildings or protecting equipment.
  • The program will be actively promoted, especially in economically distressed areas, to ensure more businesses can access assistance.
  • The additional loan amount for disaster recovery has been increased from 20% to 30% of the damage value, providing greater support after an event.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Morelle, Joseph D. [D-NY-25].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Small Business.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

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