119th Congress
S. 397
Small Business Disaster Damage Fairness Act of 2025
- Introduced
- In committee
- Passed Senate
- Passed House
- To President
- Became law
- Sponsor
- John Kennedy(R-LA)
- Introduced
- Feb 4, 2025
- Policy area
- Commerce
- Committees
- Senate Committee on Small Business and Entrepreneurship
- Official text
- Introduced in Senate · Congress.gov page
Cosponsors (2)
Original cosponsors (2)
- Cory A. Booker (D-NJ)
- Mazie K. Hirono (D-HI)
Summary
Summary by the Congressional Research Service· describes the “Introduced in Senate” version
Small Business Disaster Damage Fairness Act of 2025
This bill increases from $14,000 to $50,000 the threshold loan amount over which the Small Business Administration (SBA) may require collateral for a disaster loan.
The Government Accountability Office must report on the performance, including the default rate, of such loans.
Additionally, the SBA must (1) distinguish between rural and urban communities in the outreach and marketing for disaster loans, and (2) incorporate actions to mitigate challenges encountered by rural communities in accessing such loans.
Roll-call votes
No recorded votes on this bill.
Actions
- Feb 4, 2025 · Senate
Read twice and referred to the Committee on Small Business and Entrepreneurship. - Feb 4, 2025
Introduced in Senate