WASHINGTON, D.C. – The U.S. Senate late yesterday passed a bipartisan bill authored by U.S. Senators Cory Booker (D-NJ) and John Kennedy (R-LA) called the Rebuilding Small Businesses After Disasters Act. This legislation would help ensure families continue to have access to certain Small Business Administration (SBA) loans soon after a disaster.
This legislation would prevent specific SBA disaster loans from decreasing from $25,000 to $14,000. In 2015, a provision in the Recovery Improvements for Small Entities After Disaster Act temporarily increased loan limits for physical disaster loans. This legislation will extend the provision for another three years.
“Even though nearly a decade has passed since Superstorm Sandy ravaged New Jersey and much of the East Coast, New Jersey families and communities remember all too well the massive devastation it caused.” Booker said. “This bipartisan bill ensures that disaster victims in New Jersey and across the country will continue to have access to the assistance they need as they rebuild their homes, small businesses, and local economies.”
“Disasters like Hurricane Katrina leave properties in ruin,” Kennedy said. “Extending this provision will provide families with the resources they need to rebuild their businesses and their homes immediately after a disaster. It puts the appropriate financial resources into the pockets of our homeowners and business owners.”