WASHINGTON, D.C. – President Donald Trump today signed into law U.S. Sen. John Kennedy’s (R-La.) bipartisan legislation that will help disaster victims rebuild and recover.
Sen. Kennedy was the lead sponsor of the disaster recovery bill, S.3554. The legislation will allow the SBA to get more dollars in the hands of disaster survivors by preventing loan limits from dropping from $25,000 to $14,000. Sens. Cory Booker (D-N.J.) and Marco Rubio (R-Fla.) were cosponsors.
“Louisiana families want to start rebuilding as soon as the storm passes. We want to rip out the sheetrock and replace the roof as soon as the evacuation order is lifted. This legislation keeps an important recovery tool in place,” said Sen. Kennedy. “Families need as many options as possible when faced with a storm’s devastation. We don’t want to slow down their recovery.”
“More than six years after Superstorm Sandy ravaged New Jersey and much of the East Coast, families and communities are still going through the difficult rebuilding process,” said Sen. Booker. “This bipartisan bill is an important step towards helping victims of natural disasters find meaningful assistance.”
“As Florida’s Panhandle continues to recover from Hurricane Michael, it is imperative that businesses and homeowners affected by the storm have the ability to apply for Small Business Disaster loans as a means to rebuild the local economy and ensure housing remains available and affordable for workers,” said Sen. Rubio. “If this bill is not signed into law, each future Small Business Disaster loan’s value will be effectively cut in half, harming the businesses and homeowners who they are intended to help following future natural disasters.”