S. 943 — Reported in Senate

II Calendar No. 165 118th CONGRESS 1st Session S. 943 IN THE SENATE OF THE UNITED STATES March 22, 2023Mr. Kennedy introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship July 25, 2023Reported by Mr. Cardin, with an amendmentStrike out all after the enacting clause and insert the part printed in italic A BILL To increase the minimum disaster loan amount for which the Small Business Administration may require collateral, and for other purposes. 1. Short title This Act may be cited as the Small Business Disaster Damage Fairness Act of 2023. 2. Collateral requirements for disaster loans Section 7(d)(6) of the Small Business Act (15 U.S.C. 636(d)(6)) is amended in the third proviso— (1) by striking $14,000 and inserting $25,000; and (2) by striking major disaster and inserting disaster. 1. Short title This Act may be cited as the Small Business Disaster Damage Fairness Act of 2023. 2. Collateral requirements for disaster loans Section 7(d)(6) of the Small Business Act (15 U.S.C. 636(d)(6)) is amended, in the third proviso— (1) by striking $14,000 and inserting $25,000; and (2) by striking major disaster and inserting disaster. 3. GAO report on default rates Not later than 3 years 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 on 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)), and the impact of the amendments to collateral amounts made under section 2 of this Act on the performance of those loans, during the period— (1) beginning on September 30, 2020; and (2) ending on the date on that is 2 years after the date of enactment of this Act. July 25, 2023Reported with an amendment