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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Oct 8, 2015.
Superstorm Sandy Relief and Disaster Loan Program Improvement Act of 2015
(Sec. 3) This bill amends the Small Business Act to authorize a small business, homeowner, nonprofit entity, or renter that was located within a declared major disaster area during Superstorm Sandy in 2012 to apply for a Small Business Administration (SBA) loan to: (1) repair, rehabilitate, or replace property damaged or destroyed because of the storm; or (2) assist a small business that suffered substantial economic injury because of it.
The SBA must select loan recipients and make such loans available for at least one year after the date on which it begins carrying out this authority.
The SBA Inspector General must review the controls for ensuring applicant eligibility for these loans.
(Sec. 4) SBA physical disaster loans may be used to construct a safe room or similar storm shelter designed to protect property and occupants from tornadoes or other natural disasters, if they are constructed in accordance with applicable standards issued by the Federal Emergency Management Agency (FEMA).
(Sec. 5) The SBA shall make a clear and concise notification on all application materials for SBA disaster loans and on relevant websites notifying an applicant that:
he or she may submit all documentation necessary for the approval of the loan at the time of application, and failure to do so could delay the loan's approval and disbursement. (Sec. 6) The SBA shall revise the comprehensive written disaster response plan, and any successor, to incorporate its response to a situation in which an extreme volume of applications are received during the period of time immediately after a disaster. The revised plan must: (1) ensure that sufficient human and technological resources are made available, and (2) prevent delays in loan processing.