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S. 862: Rebuilding Small Businesses After Disasters Act


The text of the bill below is as of Nov 21, 2019 (Passed Congress).


One Hundred Sixteenth Congress of the United States of America

1st Session

S. 862

IN THE SENATE OF THE UNITED STATES

AN ACT

To extend the sunset for collateral requirements for Small Business Administration disaster loans.

1.

Short title

This Act may be cited as the Rebuilding Small Businesses After Disasters Act.

2.

Extension of sunset for collateral requirements for SBA disaster loans

Section 2102(b) of the RISE After Disaster Act of 2015 (15 U.S.C. 636 note) is amended, in the matter preceding paragraph (1), by striking 4 years and inserting 7 years.

3.

GAO report on default rates

Not later than 1 year after the date of enactment of this Act, the Comptroller General of the United States shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report comparing—

(1)

the performance, including the default rate, of loans made under section 7(b)(1) of the Small Business Act (15 U.S.C. 636(b)(1)) during the period—

(A)

beginning on January 1, 2000; and

(B)

ending on the date on which the Small Business Administration began making loans in accordance with the amendment made by section 2102(a) of the RISE After Disaster Act of 2015 (Public Law 114–88; 129 Stat. 690); and

(2)

the performance, including the default rate, of loans made under 7(b)(1) of the Small Business Act (15 U.S.C. 636(b)(1)) in accordance with the amendment made by section 2102(a) of the RISE After Disaster Act of 2015 (Public Law 114–88; 129 Stat. 690).

Speaker of the House of Representatives

Vice President of the United States and President of the Senate