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Cancellation or Repayment for Small Business Disaster Loans.

This bill introduces the option to cancel or repay a portion of the debt owed on disaster loans provided by the Small Business Administration (SBA). This relief covers both the principal and interest of the loan, offering significant financial aid to affected borrowers. The financial relief can be applied to borrowers starting one year after the declaration of the disaster or emergency.
Key points
Allows for the cancellation or repayment of a portion of SBA disaster loans (covering both principal and interest).
Financial relief applies specifically to loans secured due to a declared disaster or emergency.
The decision for cancellation or repayment can be made starting one year after the disaster declaration.
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Additional Information
Print number: 118_HR_9036
Sponsor: Rep. Carter, Troy A. [D-LA-2]
Process start date: 2024-07-15
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

To amend the Small Business Act to provide for cancellation or repayment for Small Business Administration disaster loans, and for other purposes.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_9036.

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 2024-07-15.

What are the main provisions?

Key points include:

  • Allows for the cancellation or repayment of a portion of SBA disaster loans (covering both principal and interest).
  • Financial relief applies specifically to loans secured due to a declared disaster or emergency.
  • The decision for cancellation or repayment can be made starting one year after the disaster declaration.
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. Carter, Troy A. [D-LA-2].

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.

CATEGORIES

Economy