WASHINGTON, D.C. – President Trump has signed into law Monday U.S. Sen. John Kennedy’s (R-La.) bill, the Rebuilding Small Businesses After Disasters Act.
This law ensures families continue to have access to select Small Business Administration (SBA) loans soon after a disaster.
In 2015, a provision in the Recovery for Small Entities After Disaster Act temporarily increased loan limits for physical disaster loans up to $25,000. The provision was set to expire on Nov. 25, and would lower the physical disaster loans to $14,000. This legislation extends the provision for another three years, preventing these disaster loans from decreasing.
“Disasters like hurricanes and flooding leave Louisiana properties in ruin,” said Sen. Kennedy. “This legislation ensures that families have quick access to the funds they need to rebuild. It puts financial resources into the pockets of our homeowners and small business owners.”
“Unfortunately, Florida is no stranger to catastrophic natural disasters that wreak havoc on homes and businesses across our state,” Chairman Rubio said. “The Rebuilding Small Businesses After Disasters Act will ensure that American homeowners and businesses impacted by disasters can access sufficient needed capital through the Small Business Administration to jumpstart and continue their recovery and rebuilding process. I was proud to work with my colleagues on this common-sense legislation for disaster victims and I thank President Trump for signing this important legislation into law.”