Small Business Disaster Damage Fairness Act of 2024

house

senate

president

Legislation Details

Increases the minimum disaster loan amount requiring collateral from $14,000 to $50,000.
Expands the definition of “disaster” in relation to collateral requirements, replacing “major disaster” with “disaster.”
Mandates a report from the Comptroller General on the performance and default rates of loans made under the Small Business Act, specifically focusing on the impact of the new collateral requirements.
The report is to be submitted to the relevant Senate and House committees within three years of the enactment of the legislation.
The performance evaluation period for the report is from September 30, 2020, to two years after the enactment of the Act.

Increases the minimum disaster loan amount requiring collateral from $14,000 to $50,000.
Expands the definition of “disaster” in relation to collateral requirements, replacing “major disaster” with “disaster.”
Mandates a report from the Comptroller General on the performance and default rates of loans made under the Small Business Act, specifically focusing on the impact of the new collateral requirements.
The report is to be submitted to the relevant Senate and House committees within three years of the enactment of the legislation.
The performance evaluation period for the report is from September 30, 2020, to two years after the enactment of the Act.