S 300
· 119th Congress
· Commerce
DLARA
Sponsor
Latest action
Placed on Senate Legislative Calendar under General Orders. Calendar No. 22.
Action timeline
Every recorded action on this bill, newest first. Stage badges color-code the legislative path.
Mar 04, 2025
committee
Committee on Small Business and Entrepreneurship. Reported by Senator Ernst with an amendment in the nature of a substitute. Without written report.
Small Business and Entrepreneurship Committee
Mar 04, 2025
other
Placed on Senate Legislative Calendar under General Orders. Calendar No. 22.
Feb 20, 2025
committee
Committee on Small Business and Entrepreneurship. Ordered to be reported with an amendment in the nature of a substitute favorably.
Small Business and Entrepreneurship Committee
Jan 29, 2025
introduced
Introduced in Senate
Jan 29, 2025
introduced
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Small Business and Entrepreneurship Committee
Text versions
Each stage of the bill — official text published by GPO. Click any format to read on congress.gov / govinfo.
CRS summaries
Plain-English summaries written by the Congressional Research Service — neutral, nonpartisan staff who summarize bills as they advance through stages. The authoritative description of what each version of the bill does.
25
Reported to Senate
Mar 04, 2025
Disaster Loan Accountability and Reform Act or the DLARA
This bill modifies the Small Business Administration (SBA) disaster loan program and requires external review of, and reporting on, 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.
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, for a period of four years, the SBA must notify Congress when the unobligated 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. At such point, the SBA may limit disaster loans to collateralized amounts.
Finally, the bill requires additional oversight of the disaster loan program, including
a Government Accountability Office report on the disbursement of disaster loans and the effect of specified SBA rules on home lending limits,
an SBA Office of Inspector General review of recent funding shortfalls for disaster loans, and
an SBA report on improvements for forecasting the cost of disaster loans.
via Congressional Research Service · published through congress.gov
Changelog
ⓘ
How a bill moves through Congress. Each stage produces a new official text. The diff between them shows what changed at that step.
ih / is — Introduced in House / Senate. First filed version.rfh / rfs — Referred to a committee for review.rh / rs — Reported back by the committee to the floor (often with amendments — this is where most language changes happen).pcs / pch — Placed on Calendar for floor consideration.eh / es — Engrossed. Passed by the originating chamber. Text is now what was actually voted on.rdh / rds — Received by the other chamber.eah / eas — Engrossed Amendment. The other chamber passed an amended version.ath / ats — Agreed to. Both chambers settled on the same text.enr — Enrolled. Final reconciled text, sent to the President.pl — Public Law. Signed by the President. It's now law.pp — Public Print. Official printing post-enactment.
Most bills die before eh/es. Going from pcs → enr is the full path through both chambers.
ⓘ
How a bill moves through Congress. Each stage produces a new official text. The diff between them shows what changed at that step.
ih/is— Introduced in House / Senate. First filed version.rfh/rfs— Referred to a committee for review.rh/rs— Reported back by the committee to the floor (often with amendments — this is where most language changes happen).pcs/pch— Placed on Calendar for floor consideration.eh/es— Engrossed. Passed by the originating chamber. Text is now what was actually voted on.rdh/rds— Received by the other chamber.eah/eas— Engrossed Amendment. The other chamber passed an amended version.ath/ats— Agreed to. Both chambers settled on the same text.enr— Enrolled. Final reconciled text, sent to the President.pl— Public Law. Signed by the President. It's now law.pp— Public Print. Official printing post-enactment.
Most bills die before eh/es. Going from pcs → enr is the full path through both chambers.
Line-level diff between text versions of this bill — what actually changed at each legislative stage.
+441
−75
97 unchanged
--- Introduced (Senate)
+++ Reported (Senate)
@@ -1,8 +1,9 @@
[From the U.S. Government Publishing Office]
-[S. 300 Introduced in Senate (IS)]
+[S. 300 Reported in Senate (RS)]
<DOC>
+Calendar No. 22
119th CONGRESS
1st Session
S. 300
@@ -16,9 +17,16 @@
January 29, 2025
-Mr. Budd (for himself, Ms. Ernst, Mr. Scott of South Carolina, and Mr.
-Tillis) introduced the following bill; which was read twice and
+Mr. Budd (for himself, Ms. Ernst, Mr. Scott of South Carolina, Mr.
+Tillis, Mr. Husted, Mr. Justice, Mr. Young, Mr. Risch, and Mrs.
+Shaheen) introduced the following bill; which was read twice and
referred to the Committee on Small Business and Entrepreneurship
+
+March 4, 2025
+
+Reported by Ms. Ernst, with an amendment
+[Strike out all after the enacting clause and insert the part printed
+in italic]
_______________________________________________________________________
@@ -29,6 +37,320 @@
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
+
+<DELETED>SECTION 1. SHORT TITLE.</DELETED>
+
+<DELETED> This Act may be cited as the ``Disaster Loan
+Accountability and Reform Act'' or the ``DLARA''.</DELETED>
+
+<DELETED>SEC. 2. TABLE OF CONTENTS.</DELETED>
+
+<DELETED> The table of contents for this Act is as
+follows:</DELETED>
+
+<DELETED>Sec. 1. Short title.
+<DELETED>Sec. 2. Table of contents.
+<DELETED>Sec. 3. Definitions.
+<DELETED>Sec. 4. Monthly disaster loan reports.
+<DELETED>Sec. 5. Budget request relating to disaster loans.
+<DELETED>Sec. 6. Limitations on loan forgiveness.
+<DELETED>Sec. 7. Limits on disaster loans.
+<DELETED>Sec. 8. Prohibition regarding SBA rules relating to disaster
+loans.
+<DELETED>Sec. 9. GAO report on disaster loan changes.
+<DELETED>Sec. 10. SBA Inspector General review.
+<DELETED>Sec. 11. Budget and forecasting report regarding the cost of
+direct disaster loans.
+
+<DELETED>SEC. 3. DEFINITIONS.</DELETED>
+
+<DELETED> In this Act--</DELETED>
+<DELETED> (1) the terms ``Administration'' and
+``Administrator'' mean the Small Business Administration and
+the Administrator thereof, respectively; and</DELETED>
+<DELETED> (2) the term ``appropriate committees of
+Congress'' means the Committee on Small Business and
+Entrepreneurship and the Committee on Appropriations of the
+Senate and the Committee on Small Business and the Committee on
+Appropriations of the House of Representatives.</DELETED>
+
+<DELETED>SEC. 4. MONTHLY DISASTER LOAN REPORTS.</DELETED>
+
+<DELETED> Section 12091(a) of the Small Business Disaster Response
+and Loan Improvements Act of 2008 (15 U.S.C. 636k(a)) is amended--
+</DELETED>
+<DELETED> (1) in paragraph (1), by striking ``during the
+applicable period for a major disaster'';</DELETED>
+<DELETED> (2) in paragraph (2)--</DELETED>
+<DELETED> (A) in subparagraph (E), by striking ``how
+long the available funding for such loans will last''
+and inserting ``the date at which available funding for
+such loans will reach 10 percent of the most recent
+appropriation and the date at which the funds will be
+depleted'';</DELETED>
+<DELETED> (B) in subparagraph (H), by striking
+``and'' at the end;</DELETED>
+<DELETED> (C) in subparagraph (I), by striking the
+period at the end and inserting ``; and'';
+and</DELETED>
+<DELETED> (D) by adding at the end the
+following:</DELETED>
+<DELETED> ``(J) a summary detailing any changes to
+estimates or assumptions on obligations and
+expenditures, including data supporting these
+changes.''; and</DELETED>
+<DELETED> (3) by adding at the end the following:</DELETED>
+<DELETED> ``(3) Prohibition on official travel.--If the
+Administrator does not submit a report required to be submitted
+under paragraph (1) by the required date, no funds may be
+obligated for official travel by the Administrator until the
+Administrator submits the report.''.</DELETED>
+
+<DELETED>SEC. 5. BUDGET REQUEST RELATING TO DISASTER LOANS.</DELETED>
+
+<DELETED> Section 1105 of title 31, United States Code, is amended--
+</DELETED>
+<DELETED> (1) in subsection (a), by adding at the end the
+following:</DELETED>
+<DELETED> ``(39) separate statements of--</DELETED>
+<DELETED> ``(A) the amount of appropriations
+requested for the fiscal year for which the budget is
+submitted for the cost of SBA disaster loans, the 10-
+year average of the cost of SBA disaster loans, and an
+explanation for any difference between the amount
+requested and the 10-year average cost; and</DELETED>
+<DELETED> ``(B) the amount of appropriations
+requested for the fiscal year for which the budget is
+submitted for the cost of COVID-EIDL loans, the 10-year
+average of the cost of COVID-EIDL loans, and an
+explanation for any difference between the amount
+requested and the 10-year average cost.</DELETED>
+<DELETED> ``(40) separate statements of--</DELETED>
+<DELETED> ``(A) the amount of appropriations
+requested for the fiscal year for which the budget is
+submitted for administrative costs relating to SBA
+disaster loans, the 10-year average of such
+administrative costs, and an explanation for any
+difference between the amount requested and the 10-year
+average costs; and</DELETED>
+<DELETED> ``(B) the amount of appropriations
+requested for the fiscal year for which the budget is
+submitted for administrative costs relating to COVID-
+EIDL loans, the 10-year average of such administrative
+costs, and an explanation for any difference between
+the amount requested and the 10-year average costs.'';
+and</DELETED>
+<DELETED> (2) by adding at the end the following:</DELETED>
+<DELETED> ``(j) In paragraphs (39) and (40) of subsection (a)--
+</DELETED>
+<DELETED> ``(1) the term `COVID-EIDL loan' means a direct
+loan under section 7(b) of the Small Business Act (15 U.S.C.
+636(b)) that was authorized under section 1110 of the CARES Act
+(15 U.S.C. 9009); and</DELETED>
+<DELETED> ``(2) the term `SBA disaster loan' means a direct
+loan authorized by section 7(b) of the Small Business Act (15
+U.S.C. 636(b)), other than a loan that was authorized under
+section 1110 of the CARES Act (15 U.S.C. 9009).''.</DELETED>
+
+<DELETED>SEC. 6. LIMITATIONS ON LOAN FORGIVENESS.</DELETED>
+
+<DELETED> Section 7 of the Small Business Act (15 U.S.C. 636) is
+amended by adding at the end the following:</DELETED>
+<DELETED> ``(o) Limitations on Loan Forgiveness.--</DELETED>
+<DELETED> ``(1) In general.--The Administrator may not--
+</DELETED>
+<DELETED> ``(A) forgive any loan under this section
+unless Congress has authorized such forgiveness;
+or</DELETED>
+<DELETED> ``(B) compromise on, suspend, or end
+collections on a debt owed to the Administration
+pursuant to paragraph (2) or (3) of section 3711(a) of
+title 31, United States Code.</DELETED>
+<DELETED> ``(2) Referral of debt.--If the Administrator
+seeks to discharge a debt and the discharge of such debt is
+limited under paragraph (1), the Administrator shall refer such
+debt to the Department of the Treasury for collection action,
+including a final determination regarding whether to suspend,
+end, or continue collection of the debt.''.</DELETED>
+
+<DELETED>SEC. 7. LIMITS ON DISASTER LOANS.</DELETED>
+
+<DELETED> (a) Low Funding.--Section 7(b) of the Small Business Act
+(15 U.S.C. 636(b)) is amended--</DELETED>
+<DELETED> (1) by redesignating the second paragraph
+designated as paragraph (16), relating to statute of
+limitations, as added by the COVID-19 EIDL Fraud Statute of
+Limitations Act of 2022 (Public Law 117-165; 136 Stat. 1363),
+as paragraph (18); and</DELETED>
+<DELETED> (2) by inserting after paragraph (16), relating to
+disaster declarations in rural areas, as added by the Disaster
+Assistance for Rural Communities Act (Public Law 117-249; 136
+Stat. 2350), the following:</DELETED>
+<DELETED> ``(17) Requirements when funding is low.--
+</DELETED>
+<DELETED> ``(A) In general.--Not later than 24 hours
+after the unobligated balance of amounts available for
+the cost of direct loans authorized by this subsection
+is less than 10 percent of the most recent
+appropriation for such costs, the Administrator shall
+notify the Committee on Appropriations and the
+Committee on Small Business and Entrepreneurship of the
+Senate and the Committee on Appropriations and the
+Committee on Small Business of the House of
+Representatives.</DELETED>
+<DELETED> ``(B) Limitation on obligating funds.--
+During the period beginning on the first business day
+occurring on or after the date by which the
+Administrator is required to notify Congress under
+subparagraph (A) and ending on the date on which
+additional amounts are appropriated for such costs, the
+Administrator may not obligate funds for a direct loan
+authorized under this subsection in an amount that is
+more than the amount of such a loan for which
+collateral is required.''.</DELETED>
+<DELETED> (b) Repeal of Authority To Increase Amount of Loans for
+Which Collateral Is Not Required.--Section 7(d)(6) of the Small
+Business Act is amended by striking ``(or such higher amount as the
+Administrator determines appropriate in the event of a major
+disaster)''.</DELETED>
+
+<DELETED>SEC. 8. PROHIBITION REGARDING SBA RULES RELATING TO DISASTER
+LOANS.</DELETED>
+
+<DELETED> (a) Definitions.--In this section:</DELETED>
+<DELETED> (1) Cost.--The term ``cost'' has the meaning given
+the term in section 502 of the Federal Credit Reform Act of
+1990 (2 U.S.C. 661a).</DELETED>
+<DELETED> (2) Rule.--The term ``rule'' has the meaning given
+the term in section 551 of title 5, United States
+Code.</DELETED>
+<DELETED> (b) Prohibition.--Notwithstanding any other provision of
+law or regulation, beginning on the date of enactment of this Act, the
+Administrator of the Small Business Administration may not issue any
+rule that will result in any increased cost to the program carried out
+under section 7(b) of the Small Business Act (15 U.S.C.
+636(b)).</DELETED>
+
+<DELETED>SEC. 9. GAO REPORT ON DISASTER LOAN CHANGES.</DELETED>
+
+<DELETED> (a) Definition.--In this section, the term ``covered final
+rule'' means--</DELETED>
+<DELETED> (1) the final rule entitled ``Disaster Assistance
+Loan Program Changes to Maximum Loan Amounts and Miscellaneous
+Updates'' (88 Fed. Reg. 39335 (June 16, 2023); RIN 3245-AH91);
+or</DELETED>
+<DELETED> (2) the final rule entitled ``Disaster Assistance
+Loan Program Changes to Unsecured Loan Amounts and Credit
+Elsewhere Criteria'' (89 Fed. Reg. 59826 (July 24, 2024); RIN
+3245-AI08).</DELETED>
+<DELETED> (b) Report.--Not later than 1 year after the date of
+enactment of this Act, the Comptroller General of the United States
+shall submit to the Committee on Small Business and Entrepreneurship
+and the Committee on Appropriations of the Senate and the Committee on
+Small Business and the Committee on Appropriations of the House of
+Representatives a report on--</DELETED>
+<DELETED> (1) the cost (as defined in section 502 of the
+Federal Credit Reform Act of 1990 (2 U.S.C. 661a)) of the
+increase in the home loan lending limits for, the extension of
+the deferment period for, the expansion of mitigation options
+for, the modifications to the criteria for determining whether
+applicants can obtain credit elsewhere with respect to, the
+changes to collateral requirements for, and other changes to
+the terms and conditions of loans under section 7(b)(1) of the
+Small Business Act (15 U.S.C. 636(b)(1)) made by the covered
+final rules; and</DELETED>
+<DELETED> (2) the effect on the subsidy for such loans of
+the changes contained in the covered final rules.</DELETED>
+
+<DELETED>SEC. 10. SBA INSPECTOR GENERAL REVIEW.</DELETED>
+
+<DELETED> (a) Definitions.--In this section--</DELETED>
+<DELETED> (1) the term ``covered amounts'' means amounts
+made available for the cost of direct loans authorized by
+section 7(b) of the Small Business Act (15 U.S.C. 636(b));
+and</DELETED>
+<DELETED> (2) the term ``Inspector General'' means the
+Inspector General of the Administration.</DELETED>
+<DELETED> (b) Review.--</DELETED>
+<DELETED> (1) In general.--The Inspector General shall
+conduct a review of the circumstances surrounding the funding
+shortfall with respect to covered amounts, as described in--
+</DELETED>
+<DELETED> (A) the letter from President Joseph R.
+Biden, Jr. entitled ``Letter to Congress on Disaster
+Needs'', dated October 4, 2024; and</DELETED>
+<DELETED> (B) the letter from the Administrator
+submitted to the Chair and Ranking Members of the
+Committees on Appropriations of the Senate and the
+House of Representatives, dated October 10,
+2024.</DELETED>
+<DELETED> (2) Contents.--The review required under paragraph
+(1) shall include the following with respect to the funding
+shortfall described in that paragraph:</DELETED>
+<DELETED> (A) The identification of any reporting or
+notification requirements in statute that the
+Administration failed to provide to Congress with
+respect to the funding shortfall.</DELETED>
+<DELETED> (B) The reason for any obligation or
+expenditure of covered amounts for a purpose that
+significantly diverged from the purpose for which the
+covered amounts were made available.</DELETED>
+<DELETED> (C) An analysis of the accuracy of
+projections and estimates relevant to the divergences
+described in subparagraph (B).</DELETED>
+<DELETED> (D) The identification and description of
+any internal controls in place to manage covered
+amounts.</DELETED>
+<DELETED> (E) An analysis of the impact that any
+reorganization of the Administration, including the
+transfer of administrative authority for the program
+carried out under section 7(b) of the Small Business
+Act (15 U.S.C. 636(b)) to the Office of Capital Access
+of the Administration, may have had with respect to the
+funding shortfall.</DELETED>
+<DELETED> (F) The identification of actions that the
+Administration can take to--</DELETED>
+<DELETED> (i) improve the accuracy of
+information submitted by the President under
+section 1105(a) of title 31, United States
+Code, with respect to the
+Administration;</DELETED>
+<DELETED> (ii) prevent any future funding
+shortfall with respect to any account of the
+Administration; and</DELETED>
+<DELETED> (iii) improve the report submitted
+to the appropriate committees of Congress under
+section 12091(a) of the Small Business Disaster
+Response and Loan Improvements Act of 2008 (15
+U.S.C. 636k(a)).</DELETED>
+<DELETED> (G) Any other matter determined relevant
+by the Inspector General.</DELETED>
+<DELETED> (c) Report.--Not later than 180 days after the date of
+enactment of this Act, the Inspector General shall submit to the
+appropriate committees of Congress a report that contains the findings
+of the review carried out under subsection (b).</DELETED>
+
+<DELETED>SEC. 11. BUDGET AND FORECASTING REPORT REGARDING THE COST OF
+DIRECT DISASTER LOANS.</DELETED>
+
+<DELETED> (a) Budget Formulation and Forecasting.--Not later than 30
+days after the date of enactment of this Act, the Administrator shall
+submit to the appropriate committees of Congress a report detailing
+corrections the Administration will make to improve forecasting, data
+quality, and budget assumptions relating to budget submissions relating
+to amounts made available for the cost of direct loans authorized by
+section 7(b) of the Small Business Act (15 U.S.C. 636(b)).</DELETED>
+<DELETED> (b) Updates.--Not later than 90 days after the date of
+enactment of this Act, and every 90 days thereafter until the date that
+is 90 days after the date on which all the corrections described in
+subsection (a) have been implemented, the Administrator shall submit to
+the appropriate committees of Congress a report--</DELETED>
+<DELETED> (1) detailing the actions the Administration has
+taken to implement the corrections described in subsection (a);
+and</DELETED>
+<DELETED> (2) explaining how each action detailed under
+paragraph (1) is directly related to implementing 1 or more
+corrections described in subsection (a).</DELETED>
SECTION 1. SHORT TITLE.
@@ -44,12 +366,11 @@
Sec. 3. Definitions.
Sec. 4. Monthly disaster loan reports.
Sec. 5. Budget request relating to disaster loans.
-Sec. 6. Limitations on loan forgiveness.
-Sec. 7. Limits on disaster loans.
-Sec. 8. Prohibition regarding SBA rules relating to disaster loans.
-Sec. 9. GAO report on disaster loan changes.
-Sec. 10. SBA Inspector General review.
-Sec. 11. Budget and forecasting report regarding the cost of direct
+Sec. 6. Limitations on disaster loans.
+Sec. 7. GAO report on SBA disaster loan account.
+Sec. 8. GAO report on disaster loan changes.
+Sec. 9. SBA Inspector General review.
+Sec. 10. Budget and forecasting report regarding the cost of direct
disaster loans.
SEC. 3. DEFINITIONS.
@@ -57,19 +378,25 @@
In this Act--
(1) the terms ``Administration'' and ``Administrator'' mean
the Small Business Administration and the Administrator
-thereof, respectively; and
+thereof, respectively;
(2) the term ``appropriate committees of Congress'' means
the Committee on Small Business and Entrepreneurship and the
Committee on Appropriations of the Senate and the Committee on
Small Business and the Committee on Appropriations of the House
-of Representatives.
+of Representatives; and
+(3) the term ``SBA disaster loan'' means a direct loan
+authorized by section 7(b) of the Small Business Act (15 U.S.C.
+636(b)), other than a loan that was authorized under section
+1110 of the CARES Act (15 U.S.C. 9009).
SEC. 4. MONTHLY DISASTER LOAN REPORTS.
Section 12091(a) of the Small Business Disaster Response and Loan
Improvements Act of 2008 (15 U.S.C. 636k(a)) is amended--
-(1) in paragraph (1), by striking ``during the applicable
-period for a major disaster'';
+(1) in paragraph (1)--
+(A) by striking ``during the applicable period for
+a major disaster''; and
+(B) by striking ``for that major disaster'';
(2) in paragraph (2)--
(A) in subparagraph (E), by striking ``how long the
available funding for such loans will last'' and
@@ -133,26 +460,7 @@
636(b)), other than a loan that was authorized under section
1110 of the CARES Act (15 U.S.C. 9009).''.
-SEC. 6. LIMITATIONS ON LOAN FORGIVENESS.
-
-Section 7 of the Small Business Act (15 U.S.C. 636) is amended by
-adding at the end the following:
-``(o) Limitations on Loan Forgiveness.--
-``(1) In general.--The Administrator may not--
-``(A) forgive any loan under this section unless
-Congress has authorized such forgiveness; or
-``(B) compromise on, suspend, or end collections on
-a debt owed to the Administration pursuant to paragraph
-(2) or (3) of section 3711(a) of title 31, United
-States Code.
-``(2) Referral of debt.--If the Administrator seeks to
-discharge a debt and the discharge of such debt is limited
-under paragraph (1), the Administrator shall refer such debt to
-the Department of the Treasury for collection action, including
-a final determination regarding whether to suspend, end, or
-continue collection of the debt.''.
-
-SEC. 7. LIMITS ON DISASTER LOANS.
+SEC. 6. LIMITATIONS ON DISASTER LOANS.
(a) Low Funding.--Section 7(b) of the Small Business Act (15 U.S.C.
636(b)) is amended--
@@ -168,41 +476,84 @@
``(A) In general.--Not later than 24 hours after
the unobligated balance of amounts available for the
cost of direct loans authorized by this subsection is
-less than 10 percent of the most recent appropriation
-for such costs, the Administrator shall notify the
-Committee on Appropriations and the Committee on Small
-Business and Entrepreneurship of the Senate and the
-Committee on Appropriations and the Committee on Small
-Business of the House of Representatives.
+less than 10 percent of the 10-year average annual cost
+provided in the most recent Presidential budget request
+required under section 1105(a)(39)(A) of title 31,
+United States Code, or, if unavailable, the 10-year
+average annual cost for the immediately preceding 10-
+year period of SBA disaster loans (as defined in
+section 1105(j) of such title), the Administrator shall
+notify the Committee on Appropriations and the
+Committee on Small Business and Entrepreneurship of the
+Senate and the Committee on Appropriations and the
+Committee on Small Business of the House of
+Representatives.
``(B) Limitation on obligating funds.--During the
period beginning on the first business day occurring on
or after the date by which the Administrator is
required to notify Congress under subparagraph (A) and
ending on the date on which additional amounts are
-appropriated for such costs, the Administrator may not
-obligate funds for a direct loan authorized under this
-subsection in an amount that is more than the amount of
-such a loan for which collateral is required.''.
-(b) Repeal of Authority To Increase Amount of Loans for Which
-Collateral Is Not Required.--Section 7(d)(6) of the Small Business Act
-is amended by striking ``(or such higher amount as the Administrator
-determines appropriate in the event of a major disaster)''.
-
-SEC. 8. PROHIBITION REGARDING SBA RULES RELATING TO DISASTER LOANS.
-
-(a) Definitions.--In this section:
-(1) Cost.--The term ``cost'' has the meaning given the term
-in section 502 of the Federal Credit Reform Act of 1990 (2
-U.S.C. 661a).
-(2) Rule.--The term ``rule'' has the meaning given the term
-in section 551 of title 5, United States Code.
-(b) Prohibition.--Notwithstanding any other provision of law or
-regulation, beginning on the date of enactment of this Act, the
-Administrator of the Small Business Administration may not issue any
-rule that will result in any increased cost to the program carried out
-under section 7(b) of the Small Business Act (15 U.S.C. 636(b)).
-
-SEC. 9. GAO REPORT ON DISASTER LOAN CHANGES.
+appropriated for such costs, the Administrator may
+limit the obligation of funds for a direct loan
+authorized under this subsection to the amount of such
+a loan for which collateral is required.
+``(C) Authority to limit obligation of funds.--In
+carrying out the authority to enact a limitation under
+(B), the Administrator shall apply that limitation with
+respect to amounts obligated for all direct loans
+authorized under this subsection during the period
+described in subparagraph (B).
+``(D) Requirement to disburse within 14 days.--If
+the Administrator exercises the authority under (B),
+the Administrator shall, not later than 14 days after
+the date on which additional amounts are appropriated
+under subparagraph (B), obligate and disburse on a
+regular schedule any remaining amount outstanding on a
+direct loan authorized under this subsection.''.
+(b) Sunset.--Effective on the date that is 4 years after the date
+of enactment of this Act, section 7(b) of the Small Business Act (15
+U.S.C. 636(b)) is amended--
+(1) by striking paragraph (17); and
+(2) by redesignating paragraph (18) as paragraph (17).
+(c) Report.--Not later than 1 year after the date of enactment of
+this Act, in the event that the Administrator exercises the authority
+described in paragraph (17)(B) of section 7(b) of the Small Business
+Act (15 U.S.C. 636(b)), as added by subsection (a), the Comptroller
+General of the United States shall submit to the appropriate committees
+of Congress a report assessing the actual and potential impact of the
+amendments made by subsection (a) during the period covered by the
+report.
+
+SEC. 7. GAO REPORT ON SBA DISASTER LOAN ACCOUNT.
+
+(a) Report.--Not later than 180 days after the date of enactment of
+this Act, the Comptroller General of the United States shall submit to
+the Administrator and the appropriate committees of Congress a report
+on--
+(1) the average weekly rate at which the Administration
+obligates the unobligated balance of amounts available for the
+cost of SBA disaster loans;
+(2) the average amount, during the periods beginning on
+October 1, 2015 and ending on July 31, 2023 and beginning on
+July 31, 2023 and ending on the date of enactment of this Act,
+respectively, disbursed to a borrower each week, during the
+initial 12-week period in which a borrower receives amounts
+from an SBA disaster loan, beginning the day after the borrower
+accepts their loan, separated by home SBA disaster loan
+borrowers, business SBA disaster loan borrowers, and economic
+injury disaster loan borrowers; and
+(3) the average amount of fully disbursed SBA disaster
+loans, originated during the period beginning on July 31, 2023
+and ending on the date of enactment of this Act, with separate
+averages for SBA disaster loans delineated by home, business,
+and economic injury disaster loans.
+(b) Response.--Not later than 90 days after the date on which the
+Comptroller General of the United States submits the report under
+subsection (a), the Administrator shall submit to the appropriate
+committees of Congress a response to the report, including an
+implementation plan for any recommendations in the report.
+
+SEC. 8. GAO REPORT ON DISASTER LOAN CHANGES.
(a) Definition.--In this section, the term ``covered final rule''
means--
@@ -215,10 +566,7 @@
Criteria'' (89 Fed. Reg. 59826 (July 24, 2024); RIN 3245-AI08).
(b) Report.--Not later than 1 year after the date of enactment of
this Act, the Comptroller General of the United States shall submit to
-the Committee on Small Business and Entrepreneurship and the Committee
-on Appropriations of the Senate and the Committee on Small Business and
-the Committee on Appropriations of the House of Representatives a
-report on--
+the appropriate committees of Congress a report on--
(1) the cost (as defined in section 502 of the Federal
Credit Reform Act of 1990 (2 U.S.C. 661a)) of the increase in
the home loan lending limits for, the extension of the
@@ -232,7 +580,7 @@
(2) the effect on the subsidy for such loans of the changes
contained in the covered final rules.
-SEC. 10. SBA INSPECTOR GENERAL REVIEW.
+SEC. 9. SBA INSPECTOR GENERAL REVIEW.
(a) Definitions.--In this section--
(1) the term ``covered amounts'' means amounts made
@@ -254,8 +602,8 @@
(2) Contents.--The review required under paragraph (1)
shall include the following with respect to the funding
shortfall described in that paragraph:
-(A) The identification of any reporting or
-notification requirements in statute that the
+(A) The identification of any report or
+notification required by statute that the
Administration failed to provide to Congress with
respect to the funding shortfall.
(B) The reason for any obligation or expenditure of
@@ -283,7 +631,7 @@
(ii) prevent any future funding shortfall
with respect to any account of the
Administration; and
-(iii) improve the report submitted to the
+(iii) improve the reports submitted to the
appropriate committees of Congress under
section 12091(a) of the Small Business Disaster
Response and Loan Improvements Act of 2008 (15
@@ -295,7 +643,7 @@
committees of Congress a report that contains the findings of the
review carried out under subsection (b).
-SEC. 11. BUDGET AND FORECASTING REPORT REGARDING THE COST OF DIRECT
+SEC. 10. BUDGET AND FORECASTING REPORT REGARDING THE COST OF DIRECT
DISASTER LOANS.
(a) Budget Formulation and Forecasting.--Not later than 30 days
@@ -303,8 +651,7 @@
to the appropriate committees of Congress a report detailing
corrections the Administration will make to improve forecasting, data
quality, and budget assumptions relating to budget submissions relating
-to amounts made available for the cost of direct loans authorized by
-section 7(b) of the Small Business Act (15 U.S.C. 636(b)).
+to amounts made available for the cost of SBA disaster loans.
(b) Updates.--Not later than 90 days after the date of enactment of
this Act, and every 90 days thereafter until the date that is 90 days
after the date on which all the corrections described in subsection (a)
@@ -315,4 +662,23 @@
(2) explaining how each action detailed under paragraph (1)
is directly related to implementing 1 or more corrections
described in subsection (a).
-<all>
+Calendar No. 22
+
+119th CONGRESS
+
+1st Session
+
+S. 300
+
+_______________________________________________________________________
+
+A BILL
+
+To improve accountability in the disaster loan program of the Small
+Business Administration, and for other purposes.
+
+_______________________________________________________________________
+
+March 4, 2025
+
+Reported with an amendment
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Cosponsors (9)
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