To amend the Small Business Act to provide for cancellation or repayment for certain Small Business Administration disaster loans, and for other purposes.
About This Bill
Committee
Latest Action · May 31, 2024
Referred to the House Committee on Small Business.
The Disaster Loan Forgiveness Act would allow the Small Business Administration to cancel or repay portions of disaster loans made to individuals and small businesses. For individual borrowers earning up to 400 percent of the federal poverty line, the SBA could forgive 100 percent of their remaining loan balance, while those earning between 400 percent of the poverty line and $250,000 could receive 50 percent forgiveness. Small businesses and nonprofit organizations would be eligible for up to 50 percent cancellation of their disaster loan balances. The bill does not specify a funding amount or implementation timeline, leaving those details to be determined through the appropriations process if the legislation passes. This measure would provide financial relief to disaster-affected borrowers who are still struggling to repay their SBA loans.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.