H. R. 8581, known as the “Disaster Loan Forgiveness Act,” proposes changes to the Small Business Act to allow the cancellation or repayment of certain disaster loans provided by the Small Business Administration (SBA). Under this bill, individuals with income at or below 400%...
Simple Explanation
H. R. 8581 is a proposed law that wants to help people and small businesses who borrowed money after a disaster. If someone doesn't earn a lot of money, they might not have to pay back all or part of their loan.