Us Congress 2023-2024 Regular Session

Us Congress House Bill HB9610

Introduced
9/16/24  

Caption

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.

Impact

If enacted, HB 9610 will have a significant impact on small businesses that rely on disaster loans for survival after catastrophic events. The waiver of interest payments and deferral of principal payments are intended to improve the liquidity of these businesses, allowing them to redirect their limited resources towards recovery and rebuilding operations. This approach may enhance economic resilience and encourage entrepreneurship in regions that have faced recent disasters, supporting local economies as they recover from setbacks caused by natural calamities.

Summary

House Bill 9610 aims to amend the Small Business Act by waiving the accrual of interest and the requirement for payments on certain disaster loans for a period of one year. The bill is designed to provide relief to businesses affected by disasters declared on or after the enactment date of this legislation. By establishing a zero percent interest rate and deferring principal payments, the bill seeks to alleviate the financial burden on small businesses in disaster-stricken areas, offering them a crucial chance to stabilize and recover without the immediate pressure of loan repayments.

Contention

While the bill is seen broadly as a positive initiative for small business recovery, there may be debates regarding its long-term financial implications for the Small Business Administration (SBA) and the federal budget. Critics might express concerns over the viability of offering such extended financial relief, questioning whether it would ultimately lead to an increased burden on taxpayers or the government. Additionally, there could be discussions around the criteria for loan eligibility and the potential for abuse of the waiving provisions, which require careful consideration to avoid unintended consequences.

Companion Bills

No companion bills found.

Previously Filed As

US HB3557

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.

US HB9036

To amend the Small Business Act to provide for cancellation or repayment for Small Business Administration disaster loans, and for other purposes.

US HB7071

To amend section 7(b) of the Small Business Act to make disaster loans available for damages caused by prolonged power outages, and for other purposes.

US HB9609

To amend the Small Business Act to modify application deadlines and communication requirements for certain disaster assistance, and for other purposes.

US HB1375

To amend the Small Business Act with respect to the maximum additional loan amount for certain disaster loans, and for other purposes.

US HB9611

Small Business Disaster Damage Fairness Act of 2024

US HB3450

To amend the Internal Revenue Code of 1986 to provide for special rules allowing taxpayers to deduct qualified passenger vehicle loan interest paid or accrued during the taxable year on certain indebtedness, and for other purposes.

US HB10407

To amend the Small Business Act to reauthorize and modify the Small Business Innovation Research and Small Business Technology Transfer Research programs, and for other purposes.

US HR458

Providing for consideration of the bill (H.R. 2483) to reauthorize certain programs that provide for opioid use disorder prevention, treatment, and recovery, and for other purposes; providing for consideration of the bill (H.R. 2931) to direct the Administrator of the Small Business Administration to relocate certain offices of the Small Business Administration in sanctuary jurisdictions, and for other purposes; providing for consideration of the bill (H.R. 2966) to require the Administrator of the Small Business Administration to require an applicant for certain loans of the Administration to provide certain citizenship status documentation, and for other purposes; and providing for consideration of the bill (H.R. 2987) to amend the Small Business Act to require a limit on the number of small business lending companies, and for other purposes.

US HB5425

To amend the Small Business Act to enhance the Office of Rural Affairs, and for other purposes.

Similar Bills

No similar bills found.