,,ib ,union ,calendar ,no4 #ach #aadth ,,congress #ast ,session ,h4 ,r4 #bjh ,report ,no4 #aad-ahf ,,in ,,the ,,house ,,of ,,representatives ,january #h1 #bjae ,ms4 ,velzquez 7for herself1 ,mr4 ,nadler1 ,mr4 ,rangel1 ,ms4 ,meng1 and ,mr4 ,crowley7 introduced the following bill2 which was referred to the ,committee on ,small ,business ,june #be1 #bjae ,additional sponsor3 ,mr4 ,serrano ,june #be1 #bjae ,reported with amendments1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed ,strike out all after the enacting clause and insert the part printed in italic ,for text of introduced bill1 see copy of bill as introduced on ,january #h1 #bjae ,a ,,bill ,to require the ,administrator of the ,small ,business ,administration to establish a program to make loans to certain businesses1 homeowners1 and renters affected by ,superstorm ,sandy4 #a4 ,short title ,this ,act may be cited as the ,superstorm ,sandy ,relief and ,disaster ,loan ,program ,improvement ,act of #bjae4 #b4 ,findings ,congress finds the following3 7#a7 ,in #bjab1 ,superstorm ,sandy caused substantial physical and economic damage to the ,united ,states1 and ,new ,york in particular4 7#b7 ,for businesses and homeowners1 the primary means of obtaining long-term ,federal financial assistance in the wake of disasters such as ,superstorm ,sandy is through the ,small ,business ,administration's ,disaster ,loan ,program4 7#c7 ,with regard to the ,small ,business ,administration's operation of the ,disaster ,loan ,program after ,superstorm ,sandy1 the ,government ,accountability ,office found that the ,administration did not meet its timeliness goals for processing business loan applications4 7#d7 ,according to the ,government ,accountability ,office1 the ,small ,business ,administration stated that it was challenged by an unexpectedly high volume of loan applications that it received early in its response to ,superstorm ,sandy4 7#e7 ,as a result1 many businesses and homeowners affected by ,superstorm ,sandy were unable to apply for financing from the ,small ,business ,administration4 #c4 ,revised disaster deadline ,section #g7;d7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;d77 is amended by adding at the end the following3 7#h7 ,disaster loans for ,superstorm ,sandy 7,a7 ,in general ,notwithstanding any other provision of law1 and subject to the same requirements and procedures that are used to make loans pursuant to subsection 7b71 a small business concern1 homeowner1 or renter that was located within an area and during the time period with respect to which a major disaster was declared by the ,president under section #dja of the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eagj7 by reason of ,superstorm ,sandy may apply to the ,administrator-- 7i7 for a loan to repair1 rehabilitate1 or replace property damaged or destroyed by reason of ,superstorm ,sandy2 or 7ii7 if such a small business concern has suffered substantial economic injury by reason of ,superstorm ,sandy1 for a loan to assist such a small business concern4 7,b7 ,timing ,the ,administrator shall select loan recipients and make available loans for a period of not less than #a year after the date on which the ,administrator carries out this authority4 4 #d4 ,use of physical damage disaster loans to construct safe rooms ,section #g7;b77#a77;,a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#a77;,a77 is amended by striking mitigating measures and all that follows through modifying structures and inserting the following3 mitigating measures1 including-- 7i7 construction of retaining walls and sea walls2 7ii7 grading and contouring land2 and 7iii7 relocating utilities and modifying structures1 including construction of a safe room or similar storm shelter designed to protect property and occupants from tornadoes or other natural disasters 4 #e4 ,collateral requirements for small business concerns ,section #g7;b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77 is amended by inserting after paragraph 7#i7 the following3 7#aj7 ,collateral requirements for small businesses ,in the case of a loan made pursuant to this subsection in an amount not greater than #bej1jjj1 the ,administrator may not require a borrower to pledge his or her primary residence as collateral if-- 7,a7 other collateral exists1 including assets related to the operation of a business2 and 7,b7 such an option does not delay the ,administrator's processing of disaster applications for a disaster4 4 #f4 ,reducing delays on closing and disbursement of loans ,section #g7;b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77 is further amended by inserting after paragraph 7#aj7 7as added by section #e7 the following3 7#aa7 ,reducing closing and disbursement delays ,the ,administrator shall provide a clear and concise notification on all application materials for loans made under this subsection and on relevant websites notifying an applicant that the applicant may submit all documentation necessary for the approval of the loan at the time of application and that failure to submit all documentation could delay the approval and disbursement of the loan4 4 #g4 ,increasing transparency in loan approvals ,section #g7;b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77 is further amended by inserting after paragraph 7#aa7 7as added by section #f7 the following3 7#ab7 ,increasing transparency in loan approvals ,the ,administrator shall establish and implement clear1 written policies and procedures for analyzing the ability of a loan applicant to repay a loan made under this subsection4 4 #h4 ,safeguarding taxpayers' interests ,section #g7;b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77 is further amended by inserting after paragraph 7#ab7 7as added by section #g7 the following3 7#ac7 ,ensuring accountability in loan approvals ,the ,administrator shall establish requirements for the approval of economic injury disaster loan assistance made available pursuant to paragraph 7#b71 which shall include the review of applicant eligibility and shall require that all supporting documentation is submitted prior to loan approval4 ,the ,administrator shall require that personnel involved in the approval of such loans be trained on such procedures4 4 #i4 ,disaster performance measures ,section #g7;b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77 is further amended by inserting after paragraph 7#ac7 7as added by section #h7 the following3 7#ad7 ,reporting on disaster performance measures ,the ,administrator shall report the average processing time for all other disaster loan applications1 including disaggregated data on disaster loan applications that were declined by the ,administration's automated disaster processing system and applications in which the ,administrator performed loss verification4 ,for each disaster described in paragraph 7#b71 the ,administrator shall report such average processing times on its website and to the ,committee on ,small ,business of the ,house of ,representatives and the ,committee on ,small ,business and ,entrepreneurship of the ,senate4 4 #aj4 ,disaster plan improvements ,the ,administrator of the ,small ,business ,administration shall revise the comprehensive written disaster response plan required in section #dj of the ,small ,business ,act 7#ae ,u4,s4,c4 #fegl71 or any successor thereto1 to incorporate the ,administration's response to a situation in which an extreme volume of applications are received during the period of time immediately after a disaster1 which shall include a plan to ensure that sufficient human and technological resources are made available and a plan to prevent delays in loan processing4 #aa4 ,report to ,congress on implementation of certain programs 7a7 ,initial report ,the ,administrator of the ,small ,business ,administration shall report to ,congress not later than #cj days after the date of enactment of this ,act on the implementation and status of the private disaster loan program established in section #g7;c7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;c771 the ,immediate ,disaster ,assistance program established in section #db of such ,act 7#ae ,u4,s4,c4 #fegn71 and the expedited disaster assistance business loan program established in section #abjhe of the ,small ,business ,disaster ,response and ,loan ,improvements ,act of #bjjh 7#ae ,u4,s4,c4 #fcf;j74 7b7 ,required consultation with depository institutions and credit unions ,the ,administrator shall require the ,associate ,administrator for the ,office of ,disaster ,assistance to consult with depository institutions 7as defined in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac77 and credit unions regarding their potential participation in any of the programs described in subsection 7a74 7c7 ,report on consultation ,not later than #f months after date of enactment of this ,act1 the ,administrator shall report to ,congress on the consultation required under subsection 7b74 ,amend the title so as to read3 ,a bill to improve the disaster assistance programs of the ,small ,business ,administration44 ,june #be1 #bjae ,reported with amendments1 committed to the ,committee of the ,whole ,house on the ,state of the ,union1 and ordered to be printed