S 397 · 119th CongressIn Committeecongress.gov ↗
What this bill does
AI plain-language summaryThis bill raises the amount of a disaster loan from the Small Business Administration that can be given without requiring collateral from $14,000 to $50,000. It also requires the Government Accountability Office to report on how well these loans are performing, including how often borrowers fail to pay them back. The bill also says the SBA must do outreach differently for rural and urban communities and take steps to help rural communities that have a harder time getting disaster loans.
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