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Increased Disaster Preparedness Loans and Funding for Small Businesses.

This law strengthens the loan program for small businesses, helping them finance protective measures against natural disasters like floods or hurricanes. The maximum loan amount for pre-disaster mitigation is capped at $500,000. Furthermore, businesses hit by a disaster can now allocate a larger portion of their standard disaster loan toward rebuilding in a more resilient way to prevent future damage.
Key points
Pre-disaster mitigation loan limit for small businesses capped at $500,000 per borrower.
Increased financial aid (up to 30% of damage value, previously 20%) for improvements that prevent future destruction after a disaster occurs.
The Small Business Administration (SBA) must conduct outreach campaigns to educate business owners, especially in economically depressed areas, about available protective resources.
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Expired
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Additional Information
Print number: 118_S_1370
Sponsor: Sen. Rubio, Marco [R-FL]
Process start date: 2023-04-27
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

PREPARE Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_1370.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-04-27.

What are the main provisions?

Key points include:

  • Pre-disaster mitigation loan limit for small businesses capped at $500,000 per borrower.
  • Increased financial aid (up to 30% of damage value, previously 20%) for improvements that prevent future destruction after a disaster occurs.
  • The Small Business Administration (SBA) must conduct outreach campaigns to educate business owners, especially in economically depressed areas, about available protective resources.
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 Sen. Rubio, Marco [R-FL].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

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