,,ii #aaith ,,congress #ast ,session ,s4 #cjj ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,january #bi1 #bjbe,mr4 ,budd 7for himself1 ,ms4 ,ernst1 ,mr4 ,scott of ,south ,carolina1 and ,mr4 ,tillis7 introduced the following bill2 which was read twice and referred to the ,committee on ,small ,business and ,entrepreneurship ,a ,,bill ,to improve accountability in the disaster loan program of the ,small ,business ,administration1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,disaster ,loan ,accountability and ,reform ,act or the ,,dlara4 #b4 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title4,sec4 #b4 ,table of contents4,sec4 #c4 ,definitions4,sec4 #d4 ,monthly disaster loan reports4,sec4 #e4 ,budget request relating to disaster loans4,sec4 #f4 ,limitations on loan forgiveness4,sec4 #g4 ,limits on disaster loans4,sec4 #h4 ,prohibition regarding ,,sba rules relating to disaster loans4,sec4 #i4 ,,gao report on disaster loan changes4,sec4 #aj4 ,,sba ,inspector ,general review4,sec4 #aa4 ,budget and forecasting report regarding the cost of direct disaster loans4 #c4 ,definitions ,in this ,act-- 7#a7 the terms ,administration and ,administrator mean the ,small ,business ,administration and the ,administrator thereof1 respectively2 and 7#b7 the term appropriate committees of ,congress means the ,committee on ,small ,business and ,entrepreneurship and the ,committee on ,appropriations of the ,senate and the ,committee on ,small ,business and the ,committee on ,appropriations of the ,house of ,representatives4 #d4 ,monthly disaster loan reports ,section #abjia7;a7 of the ,small ,business ,disaster ,response and ,loan ,improvements ,act of #bjjh 7#ae ,u4,s4,c4 #fcfk7a77 is amended-- 7#a7 in paragraph 7#a71 by striking during the applicable period for a major disaster2 7#b7 in paragraph 7#b7-- 7,a7 in subparagraph 7,e71 by striking how long the available funding for such loans will last and inserting the date at which available funding for such loans will reach #aj percent of the most recent appropriation and the date at which the funds will be depleted2 7,b7 in subparagraph 7,h71 by striking and at the end2 7,c7 in subparagraph 7,i71 by striking the period at the end and inserting 2 and2 and 7,d7 by adding at the end the following3 7,j7 a summary detailing any changes to estimates or assumptions on obligations and expenditures1 including data supporting these changes4 2 and 7#c7 by adding at the end the following3 7#c7 ,prohibition on official travel ,if the ,administrator does not submit a report required to be submitted under paragraph 7#a7 by the required date1 no funds may be obligated for official travel by the ,administrator until the ,administrator submits the report4 4 #e4 ,budget request relating to disaster loans ,section #aaje of title #ca1 ,united ,states ,code1 is amended-- 7#a7 in subsection 7a71 by adding at the end the following3 7#ci7 separate statements of-- 7,a7 the amount of appropriations requested for the fiscal year for which the budget is submitted for the cost of ,,sba disaster loans1 the #aj-year average of the cost of ,,sba disaster loans1 and an explanation for any difference between the amount requested and the #aj-year average cost2 and 7,b7 the amount of appropriations requested for the fiscal year for which the budget is submitted for the cost of ,,covid-,,eidl loans1 the #aj-year average of the cost of ,,covid-,,eidl loans1 and an explanation for any difference between the amount requested and the #aj-year average cost4 7#dj7 separate statements of-- 7,a7 the amount of appropriations requested for the fiscal year for which the budget is submitted for administrative costs relating to ,,sba disaster loans1 the #aj-year average of such administrative costs1 and an explanation for any difference between the amount requested and the #aj-year average costs2 and 7,b7 the amount of appropriations requested for the fiscal year for which the budget is submitted for administrative costs relating to ,,covid-,,eidl loans1 the #aj-year average of such administrative costs1 and an explanation for any difference between the amount requested and the #aj-year average costs4 2 and 7#b7 by adding at the end the following3 7j7 ,in paragraphs 7#ci7 and 7#dj7 of subsection 7a7-- 7#a7 the term ,,covid-,,eidl loan means a direct loan under section #g7;b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77 that was authorized under section #aaaj of the ,,cares ,act 7#ae ,u4,s4,c4 #ijji72 and 7#b7 the term ,,sba disaster loan means a direct loan authorized by section #g7;b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b771 other than a loan that was authorized under section #aaaj of the ,,cares ,act 7#ae ,u4,s4,c4 #ijji74 4 #f4 ,limitations on loan forgiveness ,section #g of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7 is amended by adding at the end the following3 7o7 ,limitations on loan forgiveness 7#a7 ,in general ,the ,administrator may not-- 7,a7 forgive any loan under this section unless ,congress has authorized such forgiveness2 or 7,b7 compromise on1 suspend1 or end collections on a debt owed to the ,administration pursuant to paragraph 7#b7 or 7#c7 of section #cgaa7;a7 of title #ca1 ,united ,states ,code4 7#b7 ,referral of debt ,if the ,administrator seeks to discharge a debt and the discharge of such debt is limited under paragraph 7#a71 the ,administrator shall refer such debt to the ,department of the ,treasury for collection action1 including a final determination regarding whether to suspend1 end1 or continue collection of the debt4 4 #g4 ,limits on disaster loans 7a7 ,low funding ,section #g7;b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77 is amended-- 7#a7 by redesignating the second paragraph designated as paragraph 7#af71 relating to statute of limitations1 as added by the ,,covid-#ai ,,eidl ,fraud ,statute of ,limitations ,act of #bjbb 7,public ,law #aag-afe2 #acf ,stat4 #acfc71 as paragraph 7#ah72 and 7#b7 by inserting after paragraph 7#af71 relating to disaster declarations in rural areas1 as added by the ,disaster ,assistance for ,rural ,communities ,act 7,public ,law #aag-bdi2 #acf ,stat4 #bcej71 the following3 7#ag7 ,requirements when funding is low 7,a7 ,in general ,not later than #bd hours after the unobligated balance of amounts available for the cost of direct loans authorized by this subsection is less than #aj percent of the most recent appropriation for such costs1 the ,administrator shall notify the ,committee on ,appropriations and the ,committee on ,small ,business and ,entrepreneurship of the ,senate and the ,committee on ,appropriations and the ,committee on ,small ,business of the ,house of ,representatives4 7,b7 ,limitation on obligating funds ,during the period beginning on the first business day occurring on or after the date by which the ,administrator is required to notify ,congress under subparagraph 7,a7 and ending on the date on which additional amounts are appropriated for such costs1 the ,administrator may not obligate funds for a direct loan authorized under this subsection in an amount that is more than the amount of such a loan for which collateral is required4 4 7b7 ,repeal of authority ,to increase amount of loans for which collateral is not required ,section #g7;d77#f7 of the ,small ,business ,act is amended by striking 7or such higher amount as the ,administrator determines appropriate in the event of a major disaster74 #h4 ,prohibition regarding ,,sba rules relating to disaster loans 7a7 ,definitions ,in this section3 7#a7 ,cost ,the term cost has the meaning given the term in section #ejb of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;a74 7#b7 ,rule ,the term rule has the meaning given the term in section #eea of title #e1 ,united ,states ,code4 7b7 ,prohibition ,notwithstanding any other provision of law or regulation1 beginning on the date of enactment of this ,act1 the ,administrator of the ,small ,business ,administration may not issue any rule that will result in any increased cost to the program carried out under section #g7;b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b774 #i4 ,,gao report on disaster loan changes 7a7 ,definition ,in this section1 the term covered final rule means-- 7#a7 the final rule entitled ,disaster ,assistance ,loan ,program ,changes to ,maximum ,loan ,amounts and ,miscellaneous ,updates 7#hh ,fed4 ,reg4 #cicce 7,june #af1 #bjbc72 ,,rin #cbde-;,,ah#ia72 or 7#b7 the final rule entitled ,disaster ,assistance ,loan ,program ,changes to ,unsecured ,loan ,amounts and ,credit ,elsewhere ,criteria 7#hi ,fed4 ,reg4 #eihbf 7,july #bd1 #bjbd72 ,,rin #cbde-;,,ai#jh74 7b7 ,report ,not later than #a year after the date of enactment of this ,act1 the ,comptroller ,general of the ,united ,states shall submit to the ,committee on ,small ,business and ,entrepreneurship and the ,committee on ,appropriations of the ,senate and the ,committee on ,small ,business and the ,committee on ,appropriations of the ,house of ,representatives a report on-- 7#a7 the cost 7as defined in section #ejb of the ,federal ,credit ,reform ,act of #aiij 7#b ,u4,s4,c4 #ffa;a77 of the increase in the home loan lending limits for1 the extension of the deferment period for1 the expansion of mitigation options for1 the modifications to the criteria for determining whether applicants can obtain credit elsewhere with respect to1 the changes to collateral requirements for1 and other changes to the terms and conditions of loans under section #g7;b77#a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77#a77 made by the covered final rules2 and 7#b7 the effect on the subsidy for such loans of the changes contained in the covered final rules4 #aj4 ,,sba ,inspector ,general review 7a7 ,definitions ,in this section-- 7#a7 the term covered amounts means amounts made available for the cost of direct loans authorized by section #g7;b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b772 and 7#b7 the term ,inspector ,general means the ,inspector ,general of the ,administration4 7b7 ,review 7#a7 ,in general ,the ,inspector ,general shall conduct a review of the circumstances surrounding the funding shortfall with respect to covered amounts1 as described in-- 7,a7 the letter from ,president ,joseph ,r4 ,biden1 ,jr4 entitled ,letter to ,congress on ,disaster ,needs1 dated ,october #d1 #bjbd2 and 7,b7 the letter from the ,administrator submitted to the ,chair and ,ranking ,members of the ,committees on ,appropriations of the ,senate and the ,house of ,representatives1 dated ,october #aj1 #bjbd4 7#b7 ,contents ,the review required under paragraph 7#a7 shall include the following with respect to the funding shortfall described in that paragraph3 7,a7 ,the identification of any reporting or notification requirements in statute that the ,administration failed to provide to ,congress with respect to the funding shortfall4 7,b7 ,the reason for any obligation or expenditure of covered amounts for a purpose that significantly diverged from the purpose for which the covered amounts were made available4 7,c7 ,an analysis of the accuracy of projections and estimates relevant to the divergences described in subparagraph 7,b74 7,d7 ,the identification and description of any internal controls in place to manage covered amounts4 7,e7 ,an analysis of the impact that any reorganization of the ,administration1 including the transfer of administrative authority for the program carried out under section #g7;b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b77 to the ,office of ,capital ,access of the ,administration1 may have had with respect to the funding shortfall4 7,f7 ,the identification of actions that the ,administration can take to-- 7i7 improve the accuracy of information submitted by the ,president under section #aaje7;a7 of title #ca1 ,united ,states ,code1 with respect to the ,administration2 7ii7 prevent any future funding shortfall with respect to any account of the ,administration2 and 7iii7 improve the report submitted to the appropriate committees of ,congress under section #abjia7;a7 of the ,small ,business ,disaster ,response and ,loan ,improvements ,act of #bjjh 7#ae ,u4,s4,c4 #fcfk7a774 7,g7 ,any other matter determined relevant by the ,inspector ,general4 7c7 ,report ,not later than #ahj days after the date of enactment of this ,act1 the ,inspector ,general shall submit to the appropriate committees of ,congress a report that contains the findings of the review carried out under subsection 7b74 #aa4 ,budget and forecasting report regarding the cost of direct disaster loans 7a7 ,budget formulation and forecasting ,not later than #cj days after the date of enactment of this ,act1 the ,administrator shall submit to the appropriate committees of ,congress a report detailing corrections the ,administration will make to improve forecasting1 data quality1 and budget assumptions relating to budget submissions relating to amounts made available for the cost of direct loans authorized by section #g7;b7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;b774 7b7 ,updates ,not later than #ij days after the date of enactment of this ,act1 and every #ij days thereafter until the date that is #ij days after the date on which all the corrections described in subsection 7a7 have been implemented1 the ,administrator shall submit to the appropriate committees of ,congress a report-- 7#a7 detailing the actions the ,administration has taken to implement the corrections described in subsection 7a72 and 7#b7 explaining how each action detailed under paragraph 7#a7 is directly related to implementing #a or more corrections described in subsection 7a74