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Search Results: keywords:"disaster loans"

  • H. R. 9610 proposes changes to the Small Business Act to assist businesses dealing with disasters. Specifically, it mandates that for certain disaster loans made after this legislation is enacted, the loans will have an interest rate of zero percent for one year, and payments...

    Simple Explanation

    Imagine someone has a small shop and a big storm comes and makes a mess; this bill is like a magic helper that lets them borrow money without paying extra fees for a year, so they can fix things up without worrying too much about extra costs right away.

  • H.R. 7071 is a bill that aims to change the Small Business Act to include prolonged power outages as a type of disaster. This change would allow small businesses to receive disaster loans if they experience significant losses due to extended power outages. The loans could be...

    Simple Explanation

    H.R. 7071 is a plan to help small businesses get special loans if their power goes out for a long time. This way, they can buy things like generators to keep the lights on and replace food that spoils.

  • H.R. 10243, known as the “Disaster Loan Equity for Territories Act of 2024,” proposes changes to the Small Business Act regarding disaster loans. It requires applicants to submit a tax return or tax return transcript before a loan is approved. However, applicants from U.S....

    Simple Explanation

    H.R. 10243 is a new rule saying that if someone wants to borrow money to fix things after a disaster, they must show a tax form. People living in places like Puerto Rico don't have to pay U.S. taxes, so they can get a special pass until they show a tax paper from where they live.

  • H. R. 9611, titled the “Small Business Disaster Damage Fairness Act of 2024,” aims to change the rules for disaster loans provided by the Small Business Administration (SBA). It raises the minimum loan amount from $14,000 to $50,000 before the SBA can require collateral....

    Simple Explanation

    The Small Business Disaster Damage Fairness Act of 2024 wants to let small businesses borrow up to $50,000 without needing to promise any valuable items as backup, instead of $14,000 like before. It also plans to study how this change affects small businesses and the money they pay back to see if it's working well.

  • H. R. 9946 aims to allocate $8,000,000,000 for disaster loans managed by the Small Business Administration in the United States. The bill was introduced by Mr. Moskowitz and is currently under consideration by the Committee on Small Business.

    Simple Explanation

    H. R. 9946 is a proposed law that wants to give $8 billion to help small businesses get back on their feet after a disaster, but it needs to make sure the money is used wisely and fairly.