Small Business Disaster Damage Fairness Act of 2025
HR 1021, the Small Business Disaster Damage Fairness Act of 2025, increases the collateral requirement for SBA disaster loans from $14,000 to $50,000 and replaces "major disaster" with "disaster" in the definition. This directly affects small businesses applying for SBA disaster loans by reducing collateral barriers. The bill also requires the GAO to report within three years on loan default rates and the impact of the collateral change, covering loans from 2020 through two years after enactment. Additionally, it mandates the SBA to distinguish between rural and urban communities in outreach for disaster loans, addressing rural access challenges identified in a 2024 GAO report.
Bill status
in committee
1 of 4 stages cleared
Introduction
Feb 2025
Committee Review
Floor Vote
President
Introduced Feb 5, 2025
Last action Feb 5, 2025
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Feb 5, 2025
Committee
Referred to the House Committee on Small Business.
lower
Feb 5, 2025
Introduced
Introduced in House
lower
1 primary · 1 co-sponsor
Sponsors
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