Rebuilding Communities After Disasters Act
Rebuilding Communities After Disasters Act
This bill requires the Small Business Administration (SBA) to increase the loan limits for the disaster loan program and to communicate certain information about the program following disasters.
Specifically, the bill raises from $40,000 to $75,000 the loan amount for repair or replacement of household and personal effects and from $200,000 to $400,000 the loan amount for repair or replacement of a primary residence.
Further, the bill requires the SBA to communicate through radio, television, print, and web-based outlets all relevant information needed by disaster loan applicants if a disaster is declared or the SBA declares eligibility for additional disaster assistance. (Currently, the SBA is only required to endeavor to communicate such information.)
The SBA must submit a report on the disaster loan program that includes information such as the number and dollar value of program loans and the average estimated dollar value of damage sustained by borrowers.
Referred to the House Committee on Small Business.