Section 1 Short title
This Act may be cited as the “Small Business Disaster Damage Fairness Act of 2024”.
Small Business Disaster Damage Fairness Act of 2024
A BILL
To increase the minimum disaster loan amount for which the Small Business Administration may require collateral, and for other purposes.
Sec. 2 Collateral requirements for disaster loans
Sec. 3 GAO report on default rates
Not later than 3 years after the date of the 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—
beginning on September 30, 2020; and
ending on the date on that is 2 years after the date of the enactment of this Act.