I
114th CONGRESS
1st Session
H. R. 208
IN THE HOUSE OF REPRESENTATIVES
January 8, 2015
Ms. Velázquez (for herself, Mr. Nadler, Mr. Rangel, Ms. Meng, and Mr. Crowley) introduced the following bill; which was referred to the Committee on Small Business
A BILL
To require the Administrator of the Small Business Administration to establish a program to make loans to certain businesses, homeowners, and renters affected by Superstorm Sandy.
Short title
This Act may be cited as the Superstorm Sandy Relief Act of 2015
.
Findings
Congress finds the following:
In 2012, Superstorm Sandy caused substantial physical and economic damage to the United States, and New York in particular.
For businesses and homeowners, the primary means of obtaining long-term Federal financial assistance in the wake of disasters such as Superstorm Sandy is through the Small Business Administration’s Disaster Loan Program.
With regard to the Small Business Administration’s operation of the Disaster Loan Program after Superstorm Sandy, the Government Accountability Office found that the Administration did not meet its timeliness goals for processing business loan applications.
According to the Government Accountability Office, the Small Business Administration stated that it was challenged by an unexpectedly high volume of loan applications that it received early in its response to Superstorm Sandy.
As a result, many businesses and homeowners affected by Superstorm Sandy were unable to apply for financing from the Small Business Administration.
Disaster loans for businesses, homeowners, and renters affected by Superstorm Sandy
Establishment
Not later than 45 days after the date of enactment of this Act, the Administrator of the Small Business Administration shall establish and carry out a loan program under which a small business concern, homeowner, or renter that was located within an area and during the time period with respect to which a major disaster was declared by the President under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5170) by reason of Superstorm Sandy may apply—
for a loan to repair, rehabilitate, or replace property damaged or destroyed by reason of Superstorm Sandy; or
if such a small business concern has suffered substantial economic injury by reason of Superstorm Sandy, for a loan to assist such a small business concern.
Requirements
To carry out the program described in subsection (a), the Administrator shall use the same application, selection, and notice requirements and procedures that are used under section 7(b) of the Small Business Act Section 7(b) (15 U.S.C. 636(b)).
Timing
The Administrator shall select loan recipients and make available loans under this Act for a period of not less than 1 year after the date on which the Administrator establishes the program.
