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Us Congress Senate Bill SB300

Us Congress 2025-2026 Regular Session

Us Congress Senate Bill SB300 Compare Versions

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11 II
2-Calendar No. 22
32 119THCONGRESS
43 1
54 STSESSION S. 300
65 To improve accountability in the disaster loan program of the Small Business
76 Administration, and for other purposes.
87 IN THE SENATE OF THE UNITED STATES
98 JANUARY29, 2025
109 Mr. B
11-UDD(for himself, Ms. ERNST, Mr. SCOTTof South Carolina, Mr.
10+UDD(for himself, Ms. ERNST, Mr. SCOTTof South Carolina, and Mr.
1211 T
13-ILLIS, Mr. HUSTED, Mr. JUSTICE, Mr. YOUNG, Mr. RISCH, and Mrs.
14-S
15-HAHEEN) introduced the following bill; which was read twice and re-
16-ferred to the Committee on Small Business and Entrepreneurship
17-M
18-ARCH4, 2025
19-Reported by Ms. E
20-RNST, with an amendment
21-[Strike out all after the enacting clause and insert the part printed in italic]
12+ILLIS) introduced the following bill; which was read twice and referred
13+to the Committee on Small Business and Entrepreneurship
2214 A BILL
2315 To improve accountability in the disaster loan program of
2416 the Small Business Administration, and for other purposes.
2517 Be it enacted by the Senate and House of Representa-1
2618 tives of the United States of America in Congress assembled, 2
2719 SECTION 1. SHORT TITLE. 3
2820 This Act may be cited as the ‘‘Disaster Loan Ac-4
2921 countability and Reform Act’’ or the ‘‘DLARA’’. 5
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32-•S 300 RS
33-SEC.2.TABLEOFCONTENTS. 1
34-ThetableofcontentsforthisActisasfollows: 2
22+SEC. 2. TABLE OF CONTENTS. 6
23+The table of contents for this Act is as follows: 7
3524 Sec. 1. Short title.
3625 Sec. 2. Table of contents.
3726 Sec. 3. Definitions.
3827 Sec. 4. Monthly disaster loan reports.
3928 Sec. 5. Budget request relating to disaster loans.
4029 Sec. 6. Limitations on loan forgiveness.
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4133 Sec. 7. Limits on disaster loans.
4234 Sec. 8. Prohibition regarding SBA rules relating to disaster loans.
4335 Sec. 9. GAO report on disaster loan changes.
4436 Sec. 10. SBA Inspector General review.
4537 Sec. 11. Budget and forecasting report regarding the cost of direct disaster
4638 loans.
47-SEC.3.DEFINITIONS. 3
48-InthisAct— 4
49-(1)theterms‘‘Administration’’and‘‘Adminis-5
50-trator’’meantheSmallBusinessAdministration 6
51-andtheAdministratorthereof,respectively;and 7
52-(2)theterm‘‘appropriatecommitteesofCon-8
53-gress’’meanstheCommitteeonSmallBusinessand 9
54-EntrepreneurshipandtheCommitteeonAppropria-10
55-tionsoftheSenateandtheCommitteeonSmall 11
56-BusinessandtheCommitteeonAppropriationsof 12
57-theHouseofRepresentatives. 13
58-SEC.4.MONTHLY DISASTERLOANREPORTS. 14
59-Section12091(a)oftheSmallBusinessDisasterRe-15
60-sponseandLoanImprovementsActof2008(15U.S.C. 16
61-636k(a))isamended— 17
62-(1)inparagraph(1),bystriking‘‘duringthe 18
63-applicableperiodforamajordisaster’’; 19
64-(2)inparagraph(2)— 20
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39+SEC. 3. DEFINITIONS.
40+1
41+In this Act— 2
42+(1) the terms ‘‘Administration’’ and ‘‘Adminis-3
43+trator’’ mean the Small Business Administration 4
44+and the Administrator thereof, respectively; and 5
45+(2) the term ‘‘appropriate committees of Con-6
46+gress’’ means the Committee on Small Business and 7
47+Entrepreneurship and the Committee on Appropria-8
48+tions of the Senate and the Committee on Small 9
49+Business and the Committee on Appropriations of 10
50+the House of Representatives. 11
51+SEC. 4. MONTHLY DISASTER LOAN REPORTS. 12
52+Section 12091(a) of the Small Business Disaster Re-13
53+sponse and Loan Improvements Act of 2008 (15 U.S.C. 14
54+636k(a)) is amended— 15
55+(1) in paragraph (1), by striking ‘‘during the 16
56+applicable period for a major disaster’’; 17
57+(2) in paragraph (2)— 18
58+(A) in subparagraph (E), by striking ‘‘how 19
59+long the available funding for such loans will 20
60+last’’ and inserting ‘‘the date at which available 21
61+funding for such loans will reach 10 percent of 22
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67-•S 300 RS
68-(A)insubparagraph(E),bystriking‘‘how 1
69-longtheavailablefundingforsuchloanswill 2
70-last’’andinserting‘‘thedateatwhichavailable 3
71-fundingforsuchloanswillreach10percentof 4
72-themostrecentappropriationandthedateat 5
73-whichthefundswillbedepleted’’; 6
74-(B)insubparagraph(H),bystriking 7
75-‘‘and’’attheend; 8
76-(C)insubparagraph(I),bystrikingthe 9
77-periodattheendandinserting‘‘;and’’;and 10
78-(D)byaddingattheendthefollowing: 11
79-‘‘(J)asummarydetailinganychangesto 12
80-estimatesorassumptionsonobligationsandex-13
81-penditures,includingdatasupportingthese 14
82-changes.’’;and 15
83-(3)byaddingattheendthefollowing: 16
84-‘‘(3)PROHIBITIONONOFFICIALTRAVEL.—If 17
85-theAdministratordoesnotsubmitareportrequired 18
86-tobesubmittedunderparagraph(1)bytherequired 19
87-date,nofundsmaybeobligatedforofficialtravelby 20
88-theAdministratoruntiltheAdministratorsubmits 21
89-thereport.’’. 22
90-SEC.5.BUDGET REQUEST RELATING TODISASTER LOANS. 23
91-Section1105oftitle31,UnitedStatesCode,is 24
92-amended— 25
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64+•S 300 IS
65+the most recent appropriation and the date at 1
66+which the funds will be depleted’’; 2
67+(B) in subparagraph (H), by striking 3
68+‘‘and’’ at the end; 4
69+(C) in subparagraph (I), by striking the 5
70+period at the end and inserting ‘‘; and’’; and 6
71+(D) by adding at the end the following: 7
72+‘‘(J) a summary detailing any changes to 8
73+estimates or assumptions on obligations and ex-9
74+penditures, including data supporting these 10
75+changes.’’; and 11
76+(3) by adding at the end the following: 12
77+‘‘(3) P
78+ROHIBITION ON OFFICIAL TRAVEL .—If 13
79+the Administrator does not submit a report required 14
80+to be submitted under paragraph (1) by the required 15
81+date, no funds may be obligated for official travel by 16
82+the Administrator until the Administrator submits 17
83+the report.’’. 18
84+SEC. 5. BUDGET REQUEST RELATING TO DISASTER LOANS. 19
85+Section 1105 of title 31, United States Code, is 20
86+amended— 21
87+(1) in subsection (a), by adding at the end the 22
88+following: 23
89+‘‘(39) separate statements of— 24
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96-(1)insubsection(a),byaddingattheendthe 1
97-following: 2
98-‘‘(39)separatestatementsof— 3
99-‘‘(A)theamountofappropriationsre-4
100-questedforthefiscalyearforwhichthebudget 5
101-issubmittedforthecostofSBAdisasterloans, 6
102-the10-yearaverageofthecostofSBAdisaster 7
103-loans,andanexplanationforanydifferencebe-8
104-tweentheamountrequestedandthe10-year 9
105-averagecost;and 10
106-‘‘(B)theamountofappropriationsre-11
107-questedforthefiscalyearforwhichthebudget 12
108-issubmittedforthecostofCOVID-EIDL 13
109-loans,the10-yearaverageofthecostof 14
110-COVID-EIDLloans,andanexplanationfor 15
111-anydifferencebetweentheamountrequested 16
112-andthe10-yearaveragecost. 17
113-‘‘(40)separatestatementsof— 18
114-‘‘(A)theamountofappropriationsre-19
115-questedforthefiscalyearforwhichthebudget 20
116-issubmittedforadministrativecostsrelatingto 21
117-SBAdisasterloans,the10-yearaverageofsuch 22
118-administrativecosts,andanexplanationforany 23
119-differencebetweentheamountrequestedand 24
120-the10-yearaveragecosts;and 25
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93+‘‘(A) the amount of appropriations re-1
94+quested for the fiscal year for which the budget 2
95+is submitted for the cost of SBA disaster loans, 3
96+the 10-year average of the cost of SBA disaster 4
97+loans, and an explanation for any difference be-5
98+tween the amount requested and the 10-year 6
99+average cost; and 7
100+‘‘(B) the amount of appropriations re-8
101+quested for the fiscal year for which the budget 9
102+is submitted for the cost of COVID-EIDL 10
103+loans, the 10-year average of the cost of 11
104+COVID-EIDL loans, and an explanation for 12
105+any difference between the amount requested 13
106+and the 10-year average cost. 14
107+‘‘(40) separate statements of— 15
108+‘‘(A) the amount of appropriations re-16
109+quested for the fiscal year for which the budget 17
110+is submitted for administrative costs relating to 18
111+SBA disaster loans, the 10-year average of such 19
112+administrative costs, and an explanation for any 20
113+difference between the amount requested and 21
114+the 10-year average costs; and 22
115+‘‘(B) the amount of appropriations re-23
116+quested for the fiscal year for which the budget 24
117+is submitted for administrative costs relating to 25
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123-•S 300 RS
124-‘‘(B)theamountofappropriationsre-1
125-questedforthefiscalyearforwhichthebudget 2
126-issubmittedforadministrativecostsrelatingto 3
127-COVID-EIDLloans,the10-yearaverageof 4
128-suchadministrativecosts,andanexplanation 5
129-foranydifferencebetweentheamountre-6
130-questedandthe10-yearaveragecosts.’’;and 7
131-(2)byaddingattheendthefollowing: 8
132-‘‘(j)Inparagraphs(39)and(40)ofsubsection(a)— 9
133-‘‘(1)theterm‘COVID-EIDLloan’meansadi-10
134-rectloanundersection7(b)oftheSmallBusiness 11
135-Act(15U.S.C.636(b))thatwasauthorizedunder 12
136-section1110oftheCARESAct(15U.S.C.9009); 13
137-and 14
138-‘‘(2)theterm‘SBAdisasterloan’meansadi-15
139-rectloanauthorizedbysection7(b)oftheSmall 16
140-BusinessAct(15U.S.C.636(b)),otherthanaloan 17
141-thatwasauthorizedundersection1110ofthe 18
142-CARESAct(15U.S.C.9009).’’. 19
143-SEC.6.LIMITATIONS ONLOANFORGIVENESS. 20
144-Section7oftheSmallBusinessAct(15U.S.C.636) 21
145-isamendedbyaddingattheendthefollowing: 22
146-‘‘(o)LIMITATIONSONLOANFORGIVENESS.— 23
147-‘‘(1)INGENERAL.—TheAdministratormay 24
148-not— 25
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120+•S 300 IS
121+COVID-EIDL loans, the 10-year average of 1
122+such administrative costs, and an explanation 2
123+for any difference between the amount re-3
124+quested and the 10-year average costs.’’; and 4
125+(2) by adding at the end the following: 5
126+‘‘(j) In paragraphs (39) and (40) of subsection (a)— 6
127+‘‘(1) the term ‘COVID-EIDL loan’ means a di-7
128+rect loan under section 7(b) of the Small Business 8
129+Act (15 U.S.C. 636(b)) that was authorized under 9
130+section 1110 of the CARES Act (15 U.S.C. 9009); 10
131+and 11
132+‘‘(2) the term ‘SBA disaster loan’ means a di-12
133+rect loan authorized by section 7(b) of the Small 13
134+Business Act (15 U.S.C. 636(b)), other than a loan 14
135+that was authorized under section 1110 of the 15
136+CARES Act (15 U.S.C. 9009).’’. 16
137+SEC. 6. LIMITATIONS ON LOAN FORGIVENESS. 17
138+Section 7 of the Small Business Act (15 U.S.C. 636) 18
139+is amended by adding at the end the following: 19
140+‘‘(o) L
141+IMITATIONS ONLOANFORGIVENESS.— 20
142+‘‘(1) I
143+N GENERAL.—The Administrator may 21
144+not— 22
145+‘‘(A) forgive any loan under this section 23
146+unless Congress has authorized such forgive-24
147+ness; or 25
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152-‘‘(A)forgiveanyloanunderthissection 1
153-unlessCongresshasauthorizedsuchforgive-2
154-ness;or 3
155-‘‘(B)compromiseon,suspend,orendcol-4
156-lectionsonadebtowedtotheAdministration 5
157-pursuanttoparagraph(2)or(3)ofsection 6
158-3711(a)oftitle31,UnitedStatesCode. 7
159-‘‘(2)REFERRAL OFDEBT.—IftheAdminis-8
160-tratorseekstodischargeadebtandthedischarge 9
161-ofsuchdebtislimitedunderparagraph(1),theAd-10
162-ministratorshallrefersuchdebttotheDepartment 11
163-oftheTreasuryforcollectionaction,includinga 12
164-finaldeterminationregardingwhethertosuspend, 13
165-end,orcontinuecollectionofthedebt.’’. 14
166-SEC.7.LIMITSONDISASTERLOANS. 15
167-(a)LOWFUNDING.—Section7(b)oftheSmallBusi-16
168-nessAct(15U.S.C.636(b))isamended— 17
169-(1)byredesignatingthesecondparagraphdes-18
170-ignatedasparagraph(16),relatingtostatuteoflim-19
171-itations,asaddedbytheCOVID–19EIDLFraud 20
172-StatuteofLimitationsActof2022(PublicLaw 21
173-117–165;136Stat.1363),asparagraph(18);and 22
174-(2)byinsertingafterparagraph(16),relating 23
175-todisasterdeclarationsinruralareas,asaddedby 24
176-theDisasterAssistanceforRuralCommunitiesAct 25
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151+‘‘(B) compromise on, suspend, or end col-1
152+lections on a debt owed to the Administration 2
153+pursuant to paragraph (2) or (3) of section 3
154+3711(a) of title 31, United States Code. 4
155+‘‘(2) R
156+EFERRAL OF DEBT .—If the Adminis-5
157+trator seeks to discharge a debt and the discharge 6
158+of such debt is limited under paragraph (1), the Ad-7
159+ministrator shall refer such debt to the Department 8
160+of the Treasury for collection action, including a 9
161+final determination regarding whether to suspend, 10
162+end, or continue collection of the debt.’’. 11
163+SEC. 7. LIMITS ON DISASTER LOANS. 12
164+(a) L
165+OWFUNDING.—Section 7(b) of the Small Busi-13
166+ness Act (15 U.S.C. 636(b)) is amended— 14
167+(1) by redesignating the second paragraph des-15
168+ignated as paragraph (16), relating to statute of lim-16
169+itations, as added by the COVID–19 EIDL Fraud 17
170+Statute of Limitations Act of 2022 (Public Law 18
171+117–165; 136 Stat. 1363), as paragraph (18); and 19
172+(2) by inserting after paragraph (16), relating 20
173+to disaster declarations in rural areas, as added by 21
174+the Disaster Assistance for Rural Communities Act 22
175+(Public Law 117–249; 136 Stat. 2350), the fol-23
176+lowing: 24
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180-(PublicLaw117–249;136Stat.2350),thefol-1
181-lowing: 2
182-‘‘(17)REQUIREMENTS WHEN FUNDING IS 3
183-LOW.— 4
184-‘‘(A)INGENERAL.—Notlaterthan24 5
185-hoursaftertheunobligatedbalanceofamounts 6
186-availableforthecostofdirectloansauthorized 7
187-bythissubsectionislessthan10percentofthe 8
188-mostrecentappropriationforsuchcosts,the 9
189-AdministratorshallnotifytheCommitteeon 10
190-AppropriationsandtheCommitteeonSmall 11
191-BusinessandEntrepreneurshipoftheSenate 12
192-andtheCommitteeonAppropriationsandthe 13
193-CommitteeonSmallBusinessoftheHouseof 14
194-Representatives. 15
195-‘‘(B)LIMITATION ON OBLIGATING 16
196-FUNDS.—Duringtheperiodbeginningonthe 17
197-firstbusinessdayoccurringonorafterthedate 18
198-bywhichtheAdministratorisrequiredtonotify 19
199-Congressundersubparagraph(A)andending 20
200-onthedateonwhichadditionalamountsare 21
201-appropriatedforsuchcosts,theAdministrator 22
202-maynotobligatefundsforadirectloanauthor-23
203-izedunderthissubsectioninanamountthatis 24
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180+‘‘(17) REQUIREMENTS WHEN FUNDING IS 1
181+LOW.— 2
182+‘‘(A) I
183+N GENERAL.—Not later than 24 3
184+hours after the unobligated balance of amounts 4
185+available for the cost of direct loans authorized 5
186+by this subsection is less than 10 percent of the 6
187+most recent appropriation for such costs, the 7
188+Administrator shall notify the Committee on 8
189+Appropriations and the Committee on Small 9
190+Business and Entrepreneurship of the Senate 10
191+and the Committee on Appropriations and the 11
192+Committee on Small Business of the House of 12
193+Representatives. 13
194+‘‘(B) L
195+IMITATION ON OBLIGATING 14
196+FUNDS.—During the period beginning on the 15
197+first business day occurring on or after the date 16
198+by which the Administrator is required to notify 17
199+Congress under subparagraph (A) and ending 18
200+on the date on which additional amounts are 19
201+appropriated for such costs, the Administrator 20
202+may not obligate funds for a direct loan author-21
203+ized under this subsection in an amount that is 22
204+more than the amount of such a loan for which 23
205+collateral is required.’’. 24
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206-•S 300 RS
207-morethantheamountofsuchaloanforwhich 1
208-collateralisrequired.’’. 2
209-(b)REPEALOFAUTHORITYTOINCREASEAMOUNT 3
210-OFLOANSFORWHICHCOLLATERAL ISNOTRE-4
211-QUIRED.—Section7(d)(6)oftheSmallBusinessActis 5
212-amendedbystriking‘‘(orsuchhigheramountastheAd-6
213-ministratordeterminesappropriateintheeventofamajor 7
214-disaster)’’. 8
215-SEC.8.PROHIBITION REGARDING SBARULESRELATING 9
216-TODISASTERLOANS. 10
217-(a)DEFINITIONS.—Inthissection: 11
218-(1)COST.—Theterm‘‘cost’’hasthemeaning 12
219-giventheterminsection502oftheFederalCredit 13
220-ReformActof1990(2U.S.C.661a). 14
221-(2)RULE.—Theterm‘‘rule’’hasthemeaning 15
222-giventheterminsection551oftitle5,United 16
223-StatesCode. 17
224-(b)PROHIBITION.—Notwithstandinganyotherprovi-18
225-sionoflaworregulation,beginningonthedateofenact-19
226-mentofthisAct,theAdministratoroftheSmallBusiness 20
227-Administrationmaynotissueanyrulethatwillresultin 21
228-anyincreasedcosttotheprogramcarriedoutundersec-22
229-tion7(b)oftheSmallBusinessAct(15U.S.C.636(b)). 23
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208+•S 300 IS
209+(b) REPEAL OFAUTHORITYTOINCREASEAMOUNT 1
210+OFLOANS FOR WHICHCOLLATERAL ISNOTRE-2
211+QUIRED.—Section 7(d)(6) of the Small Business Act is 3
212+amended by striking ‘‘(or such higher amount as the Ad-4
213+ministrator determines appropriate in the event of a major 5
214+disaster)’’. 6
215+SEC. 8. PROHIBITION REGARDING SBA RULES RELATING 7
216+TO DISASTER LOANS. 8
217+(a) D
218+EFINITIONS.—In this section: 9
219+(1) C
220+OST.—The term ‘‘cost’’ has the meaning 10
221+given the term in section 502 of the Federal Credit 11
222+Reform Act of 1990 (2 U.S.C. 661a). 12
223+(2) R
224+ULE.—The term ‘‘rule’’ has the meaning 13
225+given the term in section 551 of title 5, United 14
226+States Code. 15
227+(b) P
228+ROHIBITION.—Notwithstanding any other provi-16
229+sion of law or regulation, beginning on the date of enact-17
230+ment of this Act, the Administrator of the Small Business 18
231+Administration may not issue any rule that will result in 19
232+any increased cost to the program carried out under sec-20
233+tion 7(b) of the Small Business Act (15 U.S.C. 636(b)). 21
234+SEC. 9. GAO REPORT ON DISASTER LOAN CHANGES. 22
235+(a) D
236+EFINITION.—In this section, the term ‘‘covered 23
237+final rule’’ means— 24
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233-SEC.9.GAOREPORT ONDISASTERLOANCHANGES. 1
234-(a)DEFINITION.—Inthissection,theterm‘‘covered 2
235-finalrule’’means— 3
236-(1)thefinalruleentitled‘‘DisasterAssistance 4
237-LoanProgramChangestoMaximumLoanAmounts 5
238-andMiscellaneousUpdates’’(88Fed.Reg.39335 6
239-(June16,2023);RIN3245–AH91);or 7
240-(2)thefinalruleentitled‘‘DisasterAssistance 8
241-LoanProgramChangestoUnsecuredLoan 9
242-AmountsandCreditElsewhereCriteria’’(89Fed. 10
243-Reg.59826(July24,2024);RIN3245–AI08). 11
244-(b)REPORT.—Notlaterthan1yearafterthedate 12
245-ofenactmentofthisAct,theComptrollerGeneralofthe 13
246-UnitedStatesshallsubmittotheCommitteeonSmall 14
247-BusinessandEntrepreneurshipandtheCommitteeonAp-15
248-propriationsoftheSenateandtheCommitteeonSmall 16
249-BusinessandtheCommitteeonAppropriationsofthe 17
250-HouseofRepresentativesareporton— 18
251-(1)thecost(asdefinedinsection502ofthe 19
252-FederalCreditReformActof1990(2U.S.C. 20
253-661a))oftheincreaseinthehomeloanlendinglim-21
254-itsfor,theextensionofthedefermentperiodfor,the 22
255-expansionofmitigationoptionsfor,themodifica-23
256-tionstothecriteriafordeterminingwhetherappli-24
257-cantscanobtaincreditelsewherewithrespectto,the 25
258-changestocollateralrequirementsfor,andother 26
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240+•S 300 IS
241+(1) the final rule entitled ‘‘Disaster Assistance 1
242+Loan Program Changes to Maximum Loan Amounts 2
243+and Miscellaneous Updates’’ (88 Fed. Reg. 39335 3
244+(June 16, 2023); RIN 3245–AH91); or 4
245+(2) the final rule entitled ‘‘Disaster Assistance 5
246+Loan Program Changes to Unsecured Loan 6
247+Amounts and Credit Elsewhere Criteria’’ (89 Fed. 7
248+Reg. 59826 (July 24, 2024); RIN 3245–AI08). 8
249+(b) R
250+EPORT.—Not later than 1 year after the date 9
251+of enactment of this Act, the Comptroller General of the 10
252+United States shall submit to the Committee on Small 11
253+Business and Entrepreneurship and the Committee on Ap-12
254+propriations of the Senate and the Committee on Small 13
255+Business and the Committee on Appropriations of the 14
256+House of Representatives a report on— 15
257+(1) the cost (as defined in section 502 of the 16
258+Federal Credit Reform Act of 1990 (2 U.S.C. 17
259+661a)) of the increase in the home loan lending lim-18
260+its for, the extension of the deferment period for, the 19
261+expansion of mitigation options for, the modifica-20
262+tions to the criteria for determining whether appli-21
263+cants can obtain credit elsewhere with respect to, the 22
264+changes to collateral requirements for, and other 23
265+changes to the terms and conditions of loans under 24
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261-•S 300 RS
262-changestothetermsandconditionsofloansunder 1
263-section7(b)(1)oftheSmallBusinessAct(15U.S.C. 2
264-636(b)(1))madebythecoveredfinalrules;and 3
265-(2)theeffectonthesubsidyforsuchloansof 4
266-thechangescontainedinthecoveredfinalrules. 5
267-SEC.10.SBAINSPECTOR GENERAL REVIEW. 6
268-(a)DEFINITIONS.—Inthissection— 7
269-(1)theterm‘‘coveredamounts’’means 8
270-amountsmadeavailableforthecostofdirectloans 9
271-authorizedbysection7(b)oftheSmallBusinessAct 10
272-(15U.S.C.636(b));and 11
273-(2)theterm‘‘InspectorGeneral’’meanstheIn-12
274-spectorGeneraloftheAdministration. 13
275-(b)REVIEW.— 14
276-(1)INGENERAL.—TheInspectorGeneralshall 15
277-conductareviewofthecircumstancessurrounding 16
278-thefundingshortfallwithrespecttocovered 17
279-amounts,asdescribedin— 18
280-(A)theletterfromPresidentJosephR. 19
281-Biden,Jr.entitled‘‘LettertoCongressonDis-20
282-asterNeeds’’,datedOctober4,2024;and 21
283-(B)theletterfromtheAdministratorsub-22
284-mittedtotheChairandRankingMembersof 23
285-theCommitteesonAppropriationsoftheSen-24
286-VerDate Sep 11 2014 04:01 Mar 05, 2025 Jkt 059200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6401 E:\BILLS\S300.RS S300
268+•S 300 IS
269+section 7(b)(1) of the Small Business Act (15 U.S.C. 1
270+636(b)(1)) made by the covered final rules; and 2
271+(2) the effect on the subsidy for such loans of 3
272+the changes contained in the covered final rules. 4
273+SEC. 10. SBA INSPECTOR GENERAL REVIEW. 5
274+(a) D
275+EFINITIONS.—In this section— 6
276+(1) the term ‘‘covered amounts’’ means 7
277+amounts made available for the cost of direct loans 8
278+authorized by section 7(b) of the Small Business Act 9
279+(15 U.S.C. 636(b)); and 10
280+(2) the term ‘‘Inspector General’’ means the In-11
281+spector General of the Administration. 12
282+(b) R
283+EVIEW.— 13
284+(1) I
285+N GENERAL.—The Inspector General shall 14
286+conduct a review of the circumstances surrounding 15
287+the funding shortfall with respect to covered 16
288+amounts, as described in— 17
289+(A) the letter from President Joseph R. 18
290+Biden, Jr. entitled ‘‘Letter to Congress on Dis-19
291+aster Needs’’, dated October 4, 2024; and 20
292+(B) the letter from the Administrator sub-21
293+mitted to the Chair and Ranking Members of 22
294+the Committees on Appropriations of the Sen-23
295+ate and the House of Representatives, dated 24
296+October 10, 2024. 25
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288-•S 300 RS
289-ateandtheHouseofRepresentatives,dated 1
290-October10,2024. 2
291-(2)CONTENTS.—Thereviewrequiredunder 3
292-paragraph(1)shallincludethefollowingwithre-4
293-specttothefundingshortfalldescribedinthatpara-5
294-graph: 6
295-(A)Theidentificationofanyreportingor 7
296-notificationrequirementsinstatutethatthe 8
297-AdministrationfailedtoprovidetoCongress 9
298-withrespecttothefundingshortfall. 10
299-(B)Thereasonforanyobligationorex-11
300-penditureofcoveredamountsforapurpose 12
301-thatsignificantlydivergedfromthepurposefor 13
302-whichthecoveredamountsweremadeavailable. 14
303-(C)Ananalysisoftheaccuracyofprojec-15
304-tionsandestimatesrelevanttothedivergences 16
305-describedinsubparagraph(B). 17
306-(D)Theidentificationanddescriptionof 18
307-anyinternalcontrolsinplacetomanagecov-19
308-eredamounts. 20
309-(E)Ananalysisoftheimpactthatanyre-21
310-organizationoftheAdministration,including 22
311-thetransferofadministrativeauthorityforthe 23
312-programcarriedoutundersection7(b)ofthe 24
313-SmallBusinessAct(15U.S.C.636(b))tothe 25
314-VerDate Sep 11 2014 04:01 Mar 05, 2025 Jkt 059200 PO 00000 Frm 00011 Fmt 6652 Sfmt 6401 E:\BILLS\S300.RS S300
299+•S 300 IS
300+(2) CONTENTS.—The review required under 1
301+paragraph (1) shall include the following with re-2
302+spect to the funding shortfall described in that para-3
303+graph: 4
304+(A) The identification of any reporting or 5
305+notification requirements in statute that the 6
306+Administration failed to provide to Congress 7
307+with respect to the funding shortfall. 8
308+(B) The reason for any obligation or ex-9
309+penditure of covered amounts for a purpose 10
310+that significantly diverged from the purpose for 11
311+which the covered amounts were made available. 12
312+(C) An analysis of the accuracy of projec-13
313+tions and estimates relevant to the divergences 14
314+described in subparagraph (B). 15
315+(D) The identification and description of 16
316+any internal controls in place to manage cov-17
317+ered amounts. 18
318+(E) An analysis of the impact that any re-19
319+organization of the Administration, including 20
320+the transfer of administrative authority for the 21
321+program carried out under section 7(b) of the 22
322+Small Business Act (15 U.S.C. 636(b)) to the 23
323+Office of Capital Access of the Administration, 24
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316-•S 300 RS
317-OfficeofCapitalAccessoftheAdministration, 1
318-mayhavehadwithrespecttothefunding 2
319-shortfall. 3
320-(F)Theidentificationofactionsthatthe 4
321-Administrationcantaketo— 5
322-(i)improvetheaccuracyofinforma-6
323-tionsubmittedbythePresidentundersec-7
324-tion1105(a)oftitle31,UnitedStates 8
325-Code,withrespecttotheAdministration; 9
326-(ii)preventanyfuturefundingshort-10
327-fallwithrespecttoanyaccountoftheAd-11
328-ministration;and 12
329-(iii)improvethereportsubmittedto 13
330-theappropriatecommitteesofCongress 14
331-undersection12091(a)oftheSmallBusi-15
332-nessDisasterResponseandLoanImprove-16
333-mentsActof2008(15U.S.C.636k(a)). 17
334-(G)Anyothermatterdeterminedrelevant 18
335-bytheInspectorGeneral. 19
336-(c)REPORT.—Notlaterthan180daysafterthedate 20
337-ofenactmentofthisAct,theInspectorGeneralshallsub-21
338-mittotheappropriatecommitteesofCongressareport 22
339-thatcontainsthefindingsofthereviewcarriedoutunder 23
340-subsection(b). 24
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326+•S 300 IS
327+may have had with respect to the funding 1
328+shortfall. 2
329+(F) The identification of actions that the 3
330+Administration can take to— 4
331+(i) improve the accuracy of informa-5
332+tion submitted by the President under sec-6
333+tion 1105(a) of title 31, United States 7
334+Code, with respect to the Administration; 8
335+(ii) prevent any future funding short-9
336+fall with respect to any account of the Ad-10
337+ministration; and 11
338+(iii) improve the report submitted to 12
339+the appropriate committees of Congress 13
340+under section 12091(a) of the Small Busi-14
341+ness Disaster Response and Loan Improve-15
342+ments Act of 2008 (15 U.S.C. 636k(a)). 16
343+(G) Any other matter determined relevant 17
344+by the Inspector General. 18
345+(c) R
346+EPORT.—Not later than 180 days after the date 19
347+of enactment of this Act, the Inspector General shall sub-20
348+mit to the appropriate committees of Congress a report 21
349+that contains the findings of the review carried out under 22
350+subsection (b). 23
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343-•S 300 RS
353+•S 300 IS
344354 SEC. 11. BUDGET AND FORECASTING REPORT REGARDING 1
345355 THE COST OF DIRECT DISASTER LOANS. 2
346-(a)BUDGETFORMULATION ANDFORECASTING.— 3
356+(a) B
357+UDGETFORMULATION AND FORECASTING.— 3
347358 Not later than 30 days after the date of enactment of this 4
348359 Act, the Administrator shall submit to the appropriate 5
349360 committees of Congress a report detailing corrections the 6
350361 Administration will make to improve forecasting, data 7
351362 quality, and budget assumptions relating to budget sub-8
352363 missions relating to amounts made available for the cost 9
353364 of direct loans authorized by section 7(b) of the Small 10
354365 Business Act (15 U.S.C. 636(b)). 11
355-(b)UPDATES.—Notlaterthan90daysafterthedate 12
366+(b) U
367+PDATES.—Not later than 90 days after the date 12
356368 of enactment of this Act, and every 90 days thereafter 13
357369 until the date that is 90 days after the date on which all 14
358370 the corrections described in subsection (a) have been im-15
359371 plemented, the Administrator shall submit to the appro-16
360372 priate committees of Congress a report— 17
361373 (1) detailing the actions the Administration has 18
362374 taken to implement the corrections described in sub-19
363375 section (a); and 20
364376 (2) explaining how each action detailed under 21
365377 paragraph (1) is directly related to implementing 1 22
366378 or more corrections described in subsection (a). 23
367-SECTION 1. SHORT TITLE. 24
368-This Act may be cited as the ‘‘Disaster Loan Account-25
369-ability and Reform Act’’ or the ‘‘DLARA’’. 26
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372-•S 300 RS
373-SEC. 2. TABLE OF CONTENTS. 1
374-The table of contents for this Act is as follows: 2
375-Sec. 1. Short title.
376-Sec. 2. Table of contents.
377-Sec. 3. Definitions.
378-Sec. 4. Monthly disaster loan reports.
379-Sec. 5. Budget request relating to disaster loans.
380-Sec. 6. Limitations on disaster loans.
381-Sec. 7. GAO report on SBA disaster loan account.
382-Sec. 8. GAO report on disaster loan changes.
383-Sec. 9. SBA Inspector General review.
384-Sec. 10. Budget and forecasting report regarding the cost of direct disaster loans.
385-SEC. 3. DEFINITIONS.
386-3
387-In this Act— 4
388-(1) the terms ‘‘Administration’’ and ‘‘Adminis-5
389-trator’’ mean the Small Business Administration and 6
390-the Administrator thereof, respectively; 7
391-(2) the term ‘‘appropriate committees of Con-8
392-gress’’ means the Committee on Small Business and 9
393-Entrepreneurship and the Committee on Appropria-10
394-tions of the Senate and the Committee on Small Busi-11
395-ness and the Committee on Appropriations of the 12
396-House of Representatives; and 13
397-(3) the term ‘‘SBA disaster loan’’ means a direct 14
398-loan authorized by section 7(b) of the Small Business 15
399-Act (15 U.S.C. 636(b)), other than a loan that was 16
400-authorized under section 1110 of the CARES Act (15 17
401-U.S.C. 9009). 18
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404-•S 300 RS
405-SEC. 4. MONTHLY DISASTER LOAN REPORTS. 1
406-Section 12091(a) of the Small Business Disaster Re-2
407-sponse and Loan Improvements Act of 2008 (15 U.S.C. 3
408-636k(a)) is amended— 4
409-(1) in paragraph (1)— 5
410-(A) by striking ‘‘during the applicable pe-6
411-riod for a major disaster’’; and 7
412-(B) by striking ‘‘for that major disaster’’; 8
413-(2) in paragraph (2)— 9
414-(A) in subparagraph (E), by striking ‘‘how 10
415-long the available funding for such loans will 11
416-last’’ and inserting ‘‘the date at which available 12
417-funding for such loans will reach 10 percent of 13
418-the most recent appropriation and the date at 14
419-which the funds will be depleted’’; 15
420-(B) in subparagraph (H), by striking 16
421-‘‘and’’ at the end; 17
422-(C) in subparagraph (I), by striking the pe-18
423-riod at the end and inserting ‘‘; and’’; and 19
424-(D) by adding at the end the following: 20
425-‘‘(J) a summary detailing any changes to 21
426-estimates or assumptions on obligations and ex-22
427-penditures, including data supporting these 23
428-changes.’’; and 24
429-(3) by adding at the end the following: 25
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432-•S 300 RS
433-‘‘(3) PROHIBITION ON OFFICIAL TRAVEL .—If the 1
434-Administrator does not submit a report required to be 2
435-submitted under paragraph (1) by the required date, 3
436-no funds may be obligated for official travel by the 4
437-Administrator until the Administrator submits the 5
438-report.’’. 6
439-SEC. 5. BUDGET REQUEST RELATING TO DISASTER LOANS. 7
440-Section 1105 of title 31, United States Code, is amend-8
441-ed— 9
442-(1) in subsection (a), by adding at the end the 10
443-following: 11
444-‘‘(39) separate statements of— 12
445-‘‘(A) the amount of appropriations re-13
446-quested for the fiscal year for which the budget 14
447-is submitted for the cost of SBA disaster loans, 15
448-the 10-year average of the cost of SBA disaster 16
449-loans, and an explanation for any difference be-17
450-tween the amount requested and the 10-year av-18
451-erage cost; and 19
452-‘‘(B) the amount of appropriations re-20
453-quested for the fiscal year for which the budget 21
454-is submitted for the cost of COVID-EIDL loans, 22
455-the 10-year average of the cost of COVID-EIDL 23
456-loans, and an explanation for any difference be-24
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459-•S 300 RS
460-tween the amount requested and the 10-year av-1
461-erage cost. 2
462-‘‘(40) separate statements of— 3
463-‘‘(A) the amount of appropriations re-4
464-quested for the fiscal year for which the budget 5
465-is submitted for administrative costs relating to 6
466-SBA disaster loans, the 10-year average of such 7
467-administrative costs, and an explanation for any 8
468-difference between the amount requested and the 9
469-10-year average costs; and 10
470-‘‘(B) the amount of appropriations re-11
471-quested for the fiscal year for which the budget 12
472-is submitted for administrative costs relating to 13
473-COVID-EIDL loans, the 10-year average of such 14
474-administrative costs, and an explanation for any 15
475-difference between the amount requested and the 16
476-10-year average costs.’’; and 17
477-(2) by adding at the end the following: 18
478-‘‘(j) In paragraphs (39) and (40) of subsection (a)— 19
479-‘‘(1) the term ‘COVID-EIDL loan’ means a di-20
480-rect loan under section 7(b) of the Small Business Act 21
481-(15 U.S.C. 636(b)) that was authorized under section 22
482-1110 of the CARES Act (15 U.S.C. 9009); and 23
483-‘‘(2) the term ‘SBA disaster loan’ means a direct 24
484-loan authorized by section 7(b) of the Small Business 25
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487-•S 300 RS
488-Act (15 U.S.C. 636(b)), other than a loan that was 1
489-authorized under section 1110 of the CARES Act (15 2
490-U.S.C. 9009).’’. 3
491-SEC. 6. LIMITATIONS ON DISASTER LOANS. 4
492-(a) L
493-OWFUNDING.—Section 7(b) of the Small Busi-5
494-ness Act (15 U.S.C. 636(b)) is amended— 6
495-(1) by redesignating the second paragraph des-7
496-ignated as paragraph (16), relating to statute of limi-8
497-tations, as added by the COVID–19 EIDL Fraud 9
498-Statute of Limitations Act of 2022 (Public Law 117– 10
499-165; 136 Stat. 1363), as paragraph (18); and 11
500-(2) by inserting after paragraph (16), relating to 12
501-disaster declarations in rural areas, as added by the 13
502-Disaster Assistance for Rural Communities Act (Pub-14
503-lic Law 117–249; 136 Stat. 2350), the following: 15
504-‘‘(17) R
505-EQUIREMENTS WHEN FUNDING IS LOW .— 16
506-‘‘(A) I
507-N GENERAL.—Not later than 24 hours 17
508-after the unobligated balance of amounts avail-18
509-able for the cost of direct loans authorized by this 19
510-subsection is less than 10 percent of the 10-year 20
511-average annual cost provided in the most recent 21
512-Presidential budget request required under sec-22
513-tion 1105(a)(39)(A) of title 31, United States 23
514-Code, or, if unavailable, the 10-year average an-24
515-nual cost for the immediately preceding 10-year 25
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518-•S 300 RS
519-period of SBA disaster loans (as defined in sec-1
520-tion 1105(j) of such title), the Administrator 2
521-shall notify the Committee on Appropriations 3
522-and the Committee on Small Business and En-4
523-trepreneurship of the Senate and the Committee 5
524-on Appropriations and the Committee on Small 6
525-Business of the House of Representatives. 7
526-‘‘(B) L
527-IMITATION ON OBLIGATING FUNDS .— 8
528-During the period beginning on the first business 9
529-day occurring on or after the date by which the 10
530-Administrator is required to notify Congress 11
531-under subparagraph (A) and ending on the date 12
532-on which additional amounts are appropriated 13
533-for such costs, the Administrator may limit the 14
534-obligation of funds for a direct loan authorized 15
535-under this subsection to the amount of such a 16
536-loan for which collateral is required. 17
537-‘‘(C) A
538-UTHORITY TO LIMIT OBLIGATION OF 18
539-FUNDS.—In carrying out the authority to enact 19
540-a limitation under (B), the Administrator shall 20
541-apply that limitation with respect to amounts 21
542-obligated for all direct loans authorized under 22
543-this subsection during the period described in 23
544-subparagraph (B). 24
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547-•S 300 RS
548-‘‘(D) REQUIREMENT TO DISBURSE WITHIN 1
549-14 DAYS.—If the Administrator exercises the au-2
550-thority under (B), the Administrator shall, not 3
551-later than 14 days after the date on which addi-4
552-tional amounts are appropriated under subpara-5
553-graph (B), obligate and disburse on a regular 6
554-schedule any remaining amount outstanding on 7
555-a direct loan authorized under this subsection.’’. 8
556-(b) S
557-UNSET.—Effective on the date that is 4 years 9
558-after the date of enactment of this Act, section 7(b) of the 10
559-Small Business Act (15 U.S.C. 636(b)) is amended— 11
560-(1) by striking paragraph (17); and 12
561-(2) by redesignating paragraph (18) as para-13
562-graph (17). 14
563-(c) R
564-EPORT.—Not later than 1 year after the date of 15
565-enactment of this Act, in the event that the Administrator 16
566-exercises the authority described in paragraph (17)(B) of 17
567-section 7(b) of the Small Business Act (15 U.S.C. 636(b)), 18
568-as added by subsection (a), the Comptroller General of the 19
569-United States shall submit to the appropriate committees 20
570-of Congress a report assessing the actual and potential im-21
571-pact of the amendments made by subsection (a) during the 22
572-period covered by the report. 23
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575-•S 300 RS
576-SEC. 7. GAO REPORT ON SBA DISASTER LOAN ACCOUNT. 1
577-(a) R
578-EPORT.—Not later than 180 days after the date 2
579-of enactment of this Act, the Comptroller General of the 3
580-United States shall submit to the Administrator and the 4
581-appropriate committees of Congress a report on— 5
582-(1) the average weekly rate at which the Admin-6
583-istration obligates the unobligated balance of amounts 7
584-available for the cost of SBA disaster loans; 8
585-(2) the average amount, during the periods be-9
586-ginning on October 1, 2015 and ending on July 31, 10
587-2023 and beginning on July 31, 2023 and ending on 11
588-the date of enactment of this Act, respectively, dis-12
589-bursed to a borrower each week, during the initial 12- 13
590-week period in which a borrower receives amounts 14
591-from an SBA disaster loan, beginning the day after 15
592-the borrower accepts their loan, separated by home 16
593-SBA disaster loan borrowers, business SBA disaster 17
594-loan borrowers, and economic injury disaster loan 18
595-borrowers; and 19
596-(3) the average amount of fully disbursed SBA 20
597-disaster loans, originated during the period beginning 21
598-on July 31, 2023 and ending on the date of enact-22
599-ment of this Act, with separate averages for SBA dis-23
600-aster loans delineated by home, business, and eco-24
601-nomic injury disaster loans. 25
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605-(b) RESPONSE.—Not later than 90 days after the date 1
606-on which the Comptroller General of the United States sub-2
607-mits the report under subsection (a), the Administrator 3
608-shall submit to the appropriate committees of Congress a 4
609-response to the report, including an implementation plan 5
610-for any recommendations in the report. 6
611-SEC. 8. GAO REPORT ON DISASTER LOAN CHANGES. 7
612-(a) D
613-EFINITION.—In this section, the term ‘‘covered 8
614-final rule’’ means— 9
615-(1) the final rule entitled ‘‘Disaster Assistance 10
616-Loan Program Changes to Maximum Loan Amounts 11
617-and Miscellaneous Updates’’ (88 Fed. Reg. 39335 12
618-(June 16, 2023); RIN 3245–AH91); or 13
619-(2) the final rule entitled ‘‘Disaster Assistance 14
620-Loan Program Changes to Unsecured Loan Amounts 15
621-and Credit Elsewhere Criteria’’ (89 Fed. Reg. 59826 16
622-(July 24, 2024); RIN 3245–AI08). 17
623-(b) R
624-EPORT.—Not later than 1 year after the date of 18
625-enactment of this Act, the Comptroller General of the United 19
626-States shall submit to the appropriate committees of Con-20
627-gress a report on— 21
628-(1) the cost (as defined in section 502 of the Fed-22
629-eral Credit Reform Act of 1990 (2 U.S.C. 661a)) of 23
630-the increase in the home loan lending limits for, the 24
631-extension of the deferment period for, the expansion of 25
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634-•S 300 RS
635-mitigation options for, the modifications to the cri-1
636-teria for determining whether applicants can obtain 2
637-credit elsewhere with respect to, the changes to collat-3
638-eral requirements for, and other changes to the terms 4
639-and conditions of loans under section 7(b)(1) of the 5
640-Small Business Act (15 U.S.C. 636(b)(1)) made by 6
641-the covered final rules; and 7
642-(2) the effect on the subsidy for such loans of the 8
643-changes contained in the covered final rules. 9
644-SEC. 9. SBA INSPECTOR GENERAL REVIEW. 10
645-(a) D
646-EFINITIONS.—In this section— 11
647-(1) the term ‘‘covered amounts’’ means amounts 12
648-made available for the cost of direct loans authorized 13
649-by section 7(b) of the Small Business Act (15 U.S.C. 14
650-636(b)); and 15
651-(2) the term ‘‘Inspector General’’ means the In-16
652-spector General of the Administration. 17
653-(b) R
654-EVIEW.— 18
655-(1) I
656-N GENERAL.—The Inspector General shall 19
657-conduct a review of the circumstances surrounding the 20
658-funding shortfall with respect to covered amounts, as 21
659-described in— 22
660-(A) the letter from President Joseph R. 23
661-Biden, Jr. entitled ‘‘Letter to Congress on Dis-24
662-aster Needs’’, dated October 4, 2024; and 25
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665-•S 300 RS
666-(B) the letter from the Administrator sub-1
667-mitted to the Chair and Ranking Members of the 2
668-Committees on Appropriations of the Senate and 3
669-the House of Representatives, dated October 10, 4
670-2024. 5
671-(2) C
672-ONTENTS.—The review required under 6
673-paragraph (1) shall include the following with respect 7
674-to the funding shortfall described in that paragraph: 8
675-(A) The identification of any report or noti-9
676-fication required by statute that the Administra-10
677-tion failed to provide to Congress with respect to 11
678-the funding shortfall. 12
679-(B) The reason for any obligation or ex-13
680-penditure of covered amounts for a purpose that 14
681-significantly diverged from the purpose for which 15
682-the covered amounts were made available. 16
683-(C) An analysis of the accuracy of projec-17
684-tions and estimates relevant to the divergences 18
685-described in subparagraph (B). 19
686-(D) The identification and description of 20
687-any internal controls in place to manage covered 21
688-amounts. 22
689-(E) An analysis of the impact that any re-23
690-organization of the Administration, including 24
691-the transfer of administrative authority for the 25
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694-•S 300 RS
695-program carried out under section 7(b) of the 1
696-Small Business Act (15 U.S.C. 636(b)) to the Of-2
697-fice of Capital Access of the Administration, may 3
698-have had with respect to the funding shortfall. 4
699-(F) The identification of actions that the 5
700-Administration can take to— 6
701-(i) improve the accuracy of informa-7
702-tion submitted by the President under sec-8
703-tion 1105(a) of title 31, United States Code, 9
704-with respect to the Administration; 10
705-(ii) prevent any future funding short-11
706-fall with respect to any account of the Ad-12
707-ministration; and 13
708-(iii) improve the reports submitted to 14
709-the appropriate committees of Congress 15
710-under section 12091(a) of the Small Busi-16
711-ness Disaster Response and Loan Improve-17
712-ments Act of 2008 (15 U.S.C. 636k(a)). 18
713-(G) Any other matter determined relevant 19
714-by the Inspector General. 20
715-(c) R
716-EPORT.—Not later than 180 days after the date 21
717-of enactment of this Act, the Inspector General shall submit 22
718-to the appropriate committees of Congress a report that con-23
719-tains the findings of the review carried out under subsection 24
720-(b). 25
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723-•S 300 RS
724-SEC. 10. BUDGET AND FORECASTING REPORT REGARDING 1
725-THE COST OF DIRECT DISASTER LOANS. 2
726-(a) B
727-UDGETFORMULATION AND FORECASTING.—Not 3
728-later than 30 days after the date of enactment of this Act, 4
729-the Administrator shall submit to the appropriate commit-5
730-tees of Congress a report detailing corrections the Adminis-6
731-tration will make to improve forecasting, data quality, and 7
732-budget assumptions relating to budget submissions relating 8
733-to amounts made available for the cost of SBA disaster 9
734-loans. 10
735-(b) U
736-PDATES.—Not later than 90 days after the date 11
737-of enactment of this Act, and every 90 days thereafter until 12
738-the date that is 90 days after the date on which all the 13
739-corrections described in subsection (a) have been imple-14
740-mented, the Administrator shall submit to the appropriate 15
741-committees of Congress a report— 16
742-(1) detailing the actions the Administration has 17
743-taken to implement the corrections described in sub-18
744-section (a); and 19
745-(2) explaining how each action detailed under 20
746-paragraph (1) is directly related to implementing 1 21
747-or more corrections described in subsection (a). 22
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750-kjohnson on DSK7ZCZBW3PROD with $$_JOB Calendar No.
751-22
752-119
753-TH
754-CONGRESS
755-1
756-ST
757-S
758-ESSION
759-
760-S. 300 A BILL
761-To improve accountability in the disaster loan pro-
762-gram of the Small Business Administration, and
763-for other purposes.
764-M
765-ARCH
766-4, 2025
767-Reported with an amendment
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379+Æ
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