S 956 · 114th Congress · Commerce

Small Business Disaster Reform Act of 2015

Introduced 2015-04-15· Sponsored by Sen. Heitkamp, Heidi [D-ND]· Senate

Bill Progress

Introduced
2
Committee
3
Senate Vote
4
House
5
Enacted
Latest: Read twice and referred to the Committee on Small Business and Entrepreneurship.(2015-04-15)

Plain Language Summary

[AI summary unavailable — showing source text] Small Business Disaster Reform Act of 2015 Amends the Small Business Act with respect to obtaining the best available collateral for a disaster loan of up to $200,000 relating to damage to or destruction of the property of, or economic injury to, a small business. Prohibits the Administrator of the Small Business Administration (SBA), in obtaining such collateral, from requiring the small business owner to use the owner's primary residence as collateral if the owner has other assets with a value equal to or greater than the loan amount that could be used. Allows the Administrator to authorize a Small Business Development Center (SBDC) to provide assistance to small businesses outside the state of that SBDC, without regard to geographical proximity, if the small business is in a declared major disaster area. Expresses the sense of Congress that the Administrator shall ensure that a SBDC is appropriately reimbursed for any legitimate expenses in carrying out such assistance. Directs the Administrator to increase oversight of small businesses receiving economic injury disaster loans, including random site visits and random reviews of loan usage. Expresses the sense of Congress that no…

Summarized by Claude AI · Non-partisan · For informational purposes only