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S. 1621 (117th): PREPARE Act

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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 Nov 15, 2021.

Providing Resources for Emergency Preparedness And Resilient Enterprises Act or the PREPARE Act

This bill reauthorizes through FY2026 a pre-disaster mitigation program, administered by the Small Business Administration, for disbursing economic injury disaster loans to small businesses for protection of real estate, equipment, inventory, supplies, and materials. The bill also increases the amount for loans to take mitigating actions to protect damaged or destroyed property from possible future disasters.