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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 Sep 12, 2022.
Small Project Efficient and Effective Disaster Recovery Act or the SPEED Recovery Act
This bill increases to $1 million the threshold for eligibility for assistance for what qualifies as a small project under the Robert T. Stafford Disaster Relief and Emergency Assistance Act, thereby allowing more recovery projects to proceed under simplified procedures.
The threshold must be reviewed every three years.
The Inspector General of the Department of Homeland Security must conduct an audit, and report to Congress, on whether there has been waste and abuse as a result of the change in the threshold.