119th Congress Commerce
S. 300: DLARA
Reported
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill modifies the Small Business Administration (SBA) disaster loan program and requires external review of, and reporting on, the program.
First, the bill requires the SBA to report monthly on the operation of the disaster loan program. (Currently, the SBA must report only during the applicable period for a major disaster.) The report must estimate the date on which available funding for such loans will reach 10% of the most recent appropriation and the date on which the funds will be depleted.
Second, the President's annual budget must include separate statements regarding the appropriations request for SBA disaster loans and COVID-19 Economic Injury Disaster Loans (EIDL), including explanations for any difference between the amount requested and the 10-year average cost for such loans.
Read the full summary
Third, for a period of four years, the SBA must notify Congress when the unobligated balance of amounts available for disaster loans is less than 10% of the 10-year average annual cost provided in the most recent Presidential budget. At such point, the SBA may limit disaster loans to collateralized amounts.
Finally, the bill requires additional oversight of the disaster loan program, including
- a Government Accountability Office report on the disbursement of disaster loans and the effect of specified SBA rules on home lending limits,
- an SBA Office of Inspector General review of recent funding shortfalls for disaster loans, and
- an SBA report on improvements for forecasting the cost of disaster loans.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Joni Ernst R-IAOriginal
- Tim Scott R-SCOriginal
- Thom Tillis R-NCOriginal
- Jon Husted R-OH
- Jim Justice R-WV
- James Risch R-ID
- Jeanne Shaheen D-NH
- Todd Young R-IN
- John Kennedy R-LA
Who scored on this bill
- 1Ted Budd SponsorIntroduced, drew cross-party cosponsors, reported3 events+26
See all scorers and every scoring event
Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Ted Budd
History
- Introduced in the Senate by Ted Budd.
Show the full action history (5 actions)
- Committee on Small Business and Entrepreneurship. Reported by Senator Ernst with an amendment in the nature of a substitute. Without written report.
- Placed on Senate Legislative Calendar under General Orders. Calendar No. 22.
- Committee on Small Business and Entrepreneurship. Ordered to be reported with an amendment in the nature of a substitute favorably.
- Introduced in Senate
- Read twice and referred to the Committee on Small Business and Entrepreneurship.