To amend the Small Business Act to waive the accrual of interest and payments for certain disaster loans for a year, and for other purposes.

HR 3557 would temporarily ease financial pressure for small business owners who received disaster loans after the bill passes. Specifically, it requires the Small Business Administration (SBA) to waive all interest and defer principal payments for one year on qualifying disaster loans. This applies to loans made under the Small Business Act for disasters declared on or after the law's effective date. The key change is setting interest to 0% and pausing principal payments during the 12-month period following loan disbursement. This directly affects small businesses in disaster-impacted areas that rely on these SBA loans.