arrow_back Back to App

Easier Disaster Loans for Small Businesses: Higher Collateral-Free Limit.

This law makes it easier for small businesses to access financial aid after disasters. It raises the maximum disaster loan amount the Small Business Administration (SBA) can issue without requiring collateral from $14,000 to $50,000. This means small business owners can secure larger amounts of recovery funding faster, without having to pledge personal or business assets.
Key points
The threshold for SBA disaster loans that do not require collateral (security) is increased from $14,000 to $50,000.
This change helps small businesses access significantly more funds for disaster recovery, reducing red tape and the risk of losing assets.
A government report is mandated to analyze the performance and default rates of these loans following the implementation of the new collateral limit.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_9611
Sponsor: Rep. Neguse, Joe [D-CO-2]
Process start date: 2024-09-16
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Small Business Disaster Damage Fairness Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_9611.

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 2024-09-16.

What are the main provisions?

Key points include:

  • The threshold for SBA disaster loans that do not require collateral (security) is increased from $14,000 to $50,000.
  • This change helps small businesses access significantly more funds for disaster recovery, reducing red tape and the risk of losing assets.
  • A government report is mandated to analyze the performance and default rates of these loans following the implementation of the new collateral limit.
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. Neguse, Joe [D-CO-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 2025-12-26.

CATEGORIES

Economy Benefits