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EconomyH.R. 4238Comments

DLARA

Official title: To improve accountability in the disaster loan program of the Small Business Administration, and for other purposes.

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Where the Bill Stands

  1. Introduced, done
  2. Committee, done
  3. Floor Vote, done
  4. Outcome, current stage

What This Bill Does

This bill modifies the Small Business Administration (SBA) disaster loan program to require additional oversight and reports regarding the program.

First, the bill requires the SBA to report monthly on the operation of the disaster loan program. (Currently, the SBA must report only during the applicable period for a major disaster.) The report must estimate the date on which available funding for such loans will reach 10% of the most recent appropriation and the date on which the funds will be depleted. If a report is not submitted by the required date, no funds may be appropriated for official travel by the SBA Administrator until the report is submitted.

Second, the President's annual budget must include separate statements regarding the appropriations request for SBA disaster loans and COVID-19 Economic Injury Disaster Loans (EIDL), including explanations for any difference between the amount requested and the 10-year average cost for such loans.

Third, the SBA must notify Congress when the balance of amounts available for disaster loans is less than 10% of the 10-year average annual cost provided in the most recent presidential budget.

Finally, the bill requires additional oversight of the disaster loan program, including

  • Government Accountability Office reports on the disbursement of disaster loans and the cost of specified SBA rules that modified the loan program; and
  • an SBA report on its actions to improve forecasting, data quality, and budget assumptions for the cost of disaster loans.

Sponsors

Related Documents

Bill on Congress.govWeb Page ↗ (opens in a new tab)

Timeline

  1. SenateReceived in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 448.
  2. House floor actionsMr. Williams (TX) moved to suspend the rules and pass the bill, as amended.
  3. Library of CongressPassed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
  4. Floor Vote
  5. Passed the House
  6. House floor actionsReported (Amended) by the Committee on Small Business. H. Rept. 119-695, Part I.
  7. House committee actionsCommittee Consideration and Mark-up Session Held
  8. Library of CongressIntroduced in House
  9. House floor actionsReferred to the Committee on Small Business, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
  10. Introduced
  11. Committee

Comments

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