Pub. L. 116-70 - Rebuilding Small Businesses After Disasters Act

116th Congress

Affects: 15 U.S.C. §§ 636

SECTION 1. SHORT TITLE.

This Act may be cited as the “Rebuilding Small Businesses After Disasters Act”.

SEC. 2. EXTENSION OF SUNSET FOR COLLATERAL REQUIREMENTS FOR SBA DISASTER LOANS.

Section 2102(b) of the RISE After Disaster Act of 2015 (15 U.S.C. 636 note) is amended, in the matter preceding paragraph (1), by striking “4 years” and inserting “7 years”.

SEC. 3. GAO REPORT ON DEFAULT RATES.

Not later than 1 year after the date of enactment of this Act, the Comptroller General of the United States shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report comparing—

(1) the performance, including the default rate, of loans made under section 7(b)(1) of the Small Business Act (15 U.S.C. 636(b)(1)) during the period—

(1)(A) beginning on January 1, 2000; and

(1)(B) ending on the date on which the Small Business Administration began making loans in accordance with the amendment made by section 2102(a) of the RISE After Disaster Act of 2015 (Public Law 114–88; 129 Stat. 690); and

(2) the performance, including the default rate, of loans made under 7(b)(1) of the Small Business Act (15 U.S.C. 636(b)(1)) in accordance with the amendment made by section 2102(a) of the RISE After Disaster Act of 2015 (Public Law 114–88; 129 Stat. 690).

Legislative History

LEGISLATIVE HISTORY—S. 862:

CONGRESSIONAL RECORD, Vol. 165 (2019):

Aug. 1, considered and passed Senate.

Nov. 20, considered and passed House.