S. 397 aims to amend the Small Business Act by increasing the minimum amount for disaster loans that the Small Business Administration can require collateral for, from $14,000 to $50,000. It mandates that a report be submitted by the Comptroller General on the performance and...
Simple Explanation
S. 397 is a plan to change the rules for how small businesses can borrow money when disasters like storms happen. It makes it so businesses need to promise bigger important things, like buildings, if they want to borrow more than $50,000, and it also tries to help both city and country areas better after these bad events.