RELIEF Act: $810 Million Emergency Funding for Small Business Disaster Loans.
This Act immediately appropriates $810 million to the Disaster Loans Program Account, providing crucial financial support for small businesses recovering from disasters. These funds are designated as an emergency requirement to ensure rapid deployment of aid. Furthermore, the law mandates a comprehensive review by the Inspector General to analyze the causes of previous funding shortfalls and improve future budget forecasting for the program.
Key points
Immediate Funding Boost: Appropriates $810 million for direct disaster loans to small businesses (Section 7(b) of the Small Business Act).
Oversight and Administration: Includes $10 million for audits and reviews by the Office of Inspector General and up to $250 million for administrative expenses.
Accountability Review: Requires the Inspector General to review the circumstances leading to the recent funding shortfall and mandates the Small Business Administration (SBA) to report on corrective actions to improve forecasting and data quality.
Status:
Expired
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