Nov 16 2018
WASHINGTON, D.C. – The U.S. Senate and the U.S. House of Representatives voted to pass Sen. John Kennedy’s (R-La.) Small Business Administration Disaster Loans bill, S.3554, this week. This is Sen. Kennedy’s third bill to pass in the Senate this year. This legislation promotes a more efficient recovery process by quickly providing monetary relief to people after a disaster.
This legislation will ensure that people have the financial resources they need to recover quickly after a disaster by preventing SBA loan limits from dropping from $25,000 to $14,000. It extends a provision of the Recovery Improvements for Small Entities After Disaster Act of 2015(RISE Act) that temporarily increased loan limits for physical damage loans under an SBA disaster declaration.
“After disasters like Hurricane Katrina and the severe flooding in 2016, Louisiana families needed to begin the recovery process as soon as the storms rolled out,” said Sen. Kennedy. “This legislation gets money back into the pockets of Americans who have to rebuild their businesses or fix up their homes after a natural disaster. These SBA disaster loans are a direct investment back into the communities that need relief the most after a devastating natural disaster.”