Small Business Disaster Recovery Assistance Improvements Act of 2006
Key claim: A 2006 Senate bill would have expanded SBA disaster help so small businesses could get emergency bridge loans and recovery grants after major disasters, with faster processing, higher loan limits, and extra help from small business development centers.
Abstract
(S3664 · 109th Congress) Small Business Disaster Recovery Assistance Improvements Act of 2006 - Amends the Small Business Act to direct the Administrator of the Small Business Administration (SBA) to make both emergency bridge loans and business recovery grants to a qualified small business concern after major disasters, and to provide assistance until the concern is able to obtain funding through insurance claims, other federal assistance programs, or other sources. Authorizes the Administrator to: (1) guarantee loans made under an approved State Bridge Loan Program; and (2) make loans under expedited procedures that include loss verification and loan processing. Sets forth maximum disaster loan amounts. Doubles the minimum size of loans for which collateral must be required. Directs the Administrator to hire a full-time disaster planning specialist in the Office of Disaster Assistance. Provides for economic injury disaster loans to private non-profit organizations. Authorizes the Administrator, in the event of a major disaster, to waive the maximum $100,000 amount for small business development center portability grants. Makes such grants available for small business development centers assisting small business concerns adversely affected by the disaster. Directs the Administrator to authorize a small business development center, regardless of location, to provide advice, information, and assistance to a small business concern located in a major disaster area. Latest action (2006-07-14): Read twice and referred to the Committee on Small Business and Entrepreneurship. (text of measure as introduced: CR S7557-7560)
Why this matters
A 2006 Senate bill would have expanded SBA disaster help so small businesses could get emergency bridge loans and recovery grants after major disasters, with faster processing, higher loan limits, and extra help from small business development centers.