Summary of Bill HR 1375
Bill 119 HR 1375, also known as the "Small Business Disaster Loan Enhancement Act," aims to make changes to the Small Business Act in order to increase the maximum additional loan amount available for certain disaster loans. The bill also includes provisions for other purposes related to small business disaster relief.
Specifically, the bill seeks to raise the maximum additional loan amount that small businesses can receive under the Small Business Act in the event of a disaster. This increase in funding is intended to provide greater financial assistance to small businesses that have been impacted by natural disasters, such as hurricanes, wildfires, or other catastrophic events.
In addition to increasing the loan amount, the bill also includes provisions to streamline the application process for disaster loans, making it easier for small businesses to access the financial assistance they need in a timely manner. This is crucial for small businesses that may be struggling to recover from a disaster and need immediate financial support to stay afloat.
Overall, Bill 119 HR 1375 aims to provide much-needed support to small businesses in the aftermath of disasters, helping them to rebuild and recover. By increasing the maximum loan amount and streamlining the application process, the bill seeks to ensure that small businesses have the resources they need to bounce back from adversity and continue to contribute to the economy.