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PREPARE Act

Introduced: September 24, 2020 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Sep 24, 2020

Read twice and referred to the Committee on Small Business and Entrepreneurship.

Sep 24, 2020

Introduced in Senate

Plain-English summary Congressional Research Service

Providing Resources for Emergency Preparedness and Resilient Enterprises Act or the PREPARE Act

This bill permanently reauthorizes the pre-disaster mitigation loan program of the Small Business Administration (SBA).

Under this program, the SBA may loan up to $500,000 in a 12-month period to small businesses so that such businesses may use mitigation techniques to protect their commercial real estate, equipment, inventory, supplies, and materials from damages related to disasters.

The SBA must submit a report on the program that includes information such as (1) the geographic areas in which loan recipients are located, (2) the number and dollar value of loans made, and (3) the estimated aggregate value resulting from the use of funded mitigation techniques.

The bill also authorizes the SBA to increase the amount of a disaster loan by up to 30% of the aggregate costs of any damage or destruction to enable a business to take mitigating measures that protect from possible future disasters.

What's happening now September 24, 2020

Read twice and referred to the Committee on Small Business and Entrepreneurship.

Committees of jurisdiction 1