WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.) today announced that his bill to help disaster victims rebuild and recover cleared the Senate Committee on Small Business and Entrepreneurship. The legislation now moves to the Senate floor.
The bill, S.862, the Rebuilding Small Businesses After Disasters Act, will allow the Small Business Administration (SBA) to permanently increase the ceiling on loans for disaster victims from $14,000 to $25,000. The new limit would apply to physical damage loans under a SBA disaster declaration.
Last year, President Trump signed into law legislation by Sen. Kennedy that temporarily raised the loan limit. S.862 would make that increase permanent.
Sen. Kennedy is the lead sponsor of the bill. Sens. Cory Booker (D-N.J.) and Marco Rubio (R-Fla.) are cosponsors.
“When disaster strikes, Louisianans want to get back into their homes and businesses as soon as possible. They want to replace the wet sheetrock and get the blue tarps off their roofs,” said Sen. Kennedy. “We don’t want to impede their road to recovery.”