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Easier Disaster Loans for Small Businesses: Collateral Limit Raised to $25,000.

This law increases the disaster loan amount for which the Small Business Administration (SBA) cannot require collateral, raising the limit from $14,000 to $25,000. This change makes it easier and faster for small business owners affected by disasters to secure smaller recovery loans without having to pledge assets. The new rule applies to all 'disasters,' broadening the scope of eligibility.
Key points
The threshold for SBA disaster loans that do not require collateral is increased from $14,000 to $25,000.
Small businesses gain easier access to financial aid following a wider range of natural disasters, speeding up recovery.
A government report is mandated to study the impact of this change on loan performance and default rates.
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Additional Information
Print number: 118_S_943
Sponsor: Sen. Kennedy, John [R-LA]
Process start date: 2023-03-22
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Small Business Disaster Damage Fairness Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_943.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-03-22.

What are the main provisions?

Key points include:

  • The threshold for SBA disaster loans that do not require collateral is increased from $14,000 to $25,000.
  • Small businesses gain easier access to financial aid following a wider range of natural disasters, speeding up recovery.
  • A government report is mandated to study the impact of this change on loan performance and default rates.
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. Kennedy, John [R-LA].

What is the latest detailed status?

The latest detailed status is: Placed on Senate Legislative Calendar under General Orders. Calendar No. 165.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

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