To amend the Small Business Act to waive the accrual of interest and payments for certain disaster loans for a year, and for other purposes.
Disaster Loan Relief: One Year of No Interest or Payments
This bill is currently in the early stages of the legislative process and is being reviewed by the House Committee on Small Business. No further actions are scheduled at this time. It is considered active as it was recently introduced.
Legislative Progress
The bill has support from both parties and addresses a common problem for disaster victims, but it is still in the very early stages of the lawmaking process.
Key Points
- This bill would help people and small businesses that need federal loans after a disaster like a flood or fire. It makes the interest rate zero percent for the first year after they get the loan money.
- It also pauses all loan payments for that same 12 month period. This gives business owners a full year to focus on rebuilding their shops and hiring workers before they have to start paying the government back.
- The new rules would only apply to disasters that are declared after this bill officially becomes a law. It does not change the terms for anyone who already has a disaster loan from a past event.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Referred to the House Committee on Small Business.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
To amend the Small Business Act to waive the accrual of interest and payments for certain disaster loans for a year, and for other purposes.
Data Sources
Sponsor
Cosponsors
(2)Analysis generated by AI. Always verify with official sources.