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SBA Disaster Loan Accountability and Reform Act

This act aims to improve transparency and accountability in the Small Business Administration's (SBA) disaster loan program. It introduces new rules for reporting, loan limits, and oversight, which may affect the availability and terms of financial aid for individuals and businesses impacted by disasters.
Key points
Increased Transparency: SBA must provide more frequent and detailed reports on disaster loan funding, including projected depletion dates.
Loan Forgiveness Limits: Disaster loans cannot be forgiven without Congressional authorization, and unpaid debts will be referred to the Treasury Department for collection.
Loan Limits During Low Funding: When disaster loan funds drop below 10% of available appropriations, SBA may limit loan amounts to those requiring collateral.
Oversight and Review: The act mandates detailed reports from the Government Accountability Office (GAO) and the SBA Inspector General, assessing program costs and effectiveness, including analysis of funding shortfalls.
article Official text account_balance Process page
Placed on Calendar
Citizen Poll
No votes cast
Additional Information
Print number: 119_S_300
Sponsor: Sen. Budd, Ted [R-NC]
Process start date: 2025-01-29
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

DLARA

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 119_S_300.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2025-01-29.

What are the main provisions?

Key points include:

  • Increased Transparency: SBA must provide more frequent and detailed reports on disaster loan funding, including projected depletion dates.
  • Loan Forgiveness Limits: Disaster loans cannot be forgiven without Congressional authorization, and unpaid debts will be referred to the Treasury Department for collection.
  • Loan Limits During Low Funding: When disaster loan funds drop below 10% of available appropriations, SBA may limit loan amounts to those requiring collateral.
  • Oversight and Review: The act mandates detailed reports from the Government Accountability Office (GAO) and the SBA Inspector General, assessing program costs and effectiveness, including analysis of funding shortfalls.
What is the specific legal status?

The current status is Placed on Calendar.

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. Budd, Ted [R-NC].

What is the latest detailed status?

The latest detailed status is: Placed on Senate Legislative Calendar under General Orders. Calendar No. 22.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-23.

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