This bill would amend the Small Business Act to allow the Small Business Administration to cancel or forgive disaster loans, or allow borrowers to have their loans repaid by the government. The authority to cancel or forgive loans would apply to disaster loans made by the SBA and could begin one year after a disaster or emergency declaration has been issued. The bill does not specify which borrowers would qualify for this assistance or provide funding amounts, as the text focuses on creating the administrative authority rather than detailing eligibility criteria or appropriations. The bill was introduced in July 2024 and referred to the House Small Business Committee for consideration. This would represent a significant change in how the SBA handles disaster lending by giving it broader authority to provide relief beyond traditional loan modifications.
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