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.