Superstorm Sandy Relief and Disaster Loan Program Improvement Act of 2015

Summary

Superstorm Sandy Relief and Disaster Loan Program Improvement Act of 2015 This bill amends the Small Business Act to authorize a small business, homeowner, or renter that was located within a declared major disaster area during Superstorm Sandy in 2012 to apply for a Small Business Administration (SBA) loan to: (1) repair, rehabilitate, or replace property damaged or destroyed because of the storm; or (2) assist a small business that suffered substantial economic injury because of it. The SBA must select loan recipients and make such loans available for at least one year after the date on which it carries out this authority. SBA physical disaster loans may be used to construct a safe room or similar storm shelter designed to protect property and occupants from tornadoes or other natural disasters. In the case of an SBA disaster loan of up to $250,000, the SBA may not require a borrower to pledge his or her primary residence as collateral if: (1) other collateral exists, including assets related to a business's operation; and (2) such an option does not delay the SBA's processing of disaster applications. The SBA shall make a clear and concise notification on all application materials for SBA disaster loans and on relevant websites notifying an applicant that: he or she may submit all documentation necessary for the approval of the loan at the time of application, and failure to do so could delay the loan's approval and disbursement. The SBA must establish and implement clear, written policies and procedures for analyzing the ability of a loan applicant to repay a SBA disaster loan. The SBA shall: establish requirements for the approval of economic injury disaster loan assistance that shall include the review of applicant eligibility and require that all supporting documentation is submitted before loan approval, and require that personnel involved in this approval be trained on these procedures. The SBA must report the average processing time for all other disaster loan applications, including disaggregated data on them that were declined by the SBA's automated disaster processing system and those in which the SBA performed loss verification. For each disaster loan the SBA shall report such average processing times on its website and to specified congressional committees. The SBA comprehensive written disaster response plan, and any successor, shall be revised to incorporate the SBA response to a situation in which an extreme volume of applications are received during the period of time immediately after a disaster. The revised plan must: (1) ensure that sufficient human and technological resources are made available, and (2) prevent delays in loan processing. The SBA must: report to Congress on the implementation and status of its private disaster loan program, Immediate Disaster Assistance program, and its expedited disaster assistance business loan program; and require the Associate Administrator for the Office of Disaster Assistance to consult with depository institutions and credit unions regarding their potential participation in any of these programs.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 21 July 2015

   Introduced

   Read twice and referred to the Committee on Small Business and Entrepreneurship.

   Source: IntroReferral

2. 21 July 2015

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 7 October 2015

   Reported

   Committee on Small Business and Entrepreneurship. Ordered to be reported with amendments favorably.

   Source: Committee

4. 8 October 2015

   Calendars

   Placed on Senate Legislative Calendar under General Orders. Calendar No. 254.

   Source: Calendars

5. 8 October 2015

   Reported

   Committee on Small Business and Entrepreneurship. Reported by Senator Vitter with amendments. Without written report.

   Source: Committee

6. 8 October 2015

   Reported

   Committee on Small Business and Entrepreneurship. Reported by Senator Vitter with amendments. Without written report.

   Source: Committee

7. 20 December 2016

   Floor

   By Senator Vitter from Committee on Small Business and Entrepreneurship filed written report under authority of the order of the Senate of 12/10/2016. Report No. 114-409.

   Source: Floor

8. 20 December 2016

   Committee

   By Senator Vitter from Committee on Small Business and Entrepreneurship filed written report under authority of the order of the Senate of 12/10/2016. Report No. 114-409.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Reported to Senate · 8 October 2015 · Official file
• Introduced in Senate · 21 July 2015 · Official file

Documents

6 official files

• Reported to Senate (text)

  Reported to Senate · EN · 8 October 2015

  ViewDownloadOpen at official source

• Reported to Senate (PDF)

  Reported to Senate · EN · 8 October 2015

  ViewDownloadOpen at official source

• Reported to Senate with amendment(s)

  summary · EN · 8 October 2015

  Open at official source

• Introduced in Senate (text)

  Introduced in Senate · EN · 21 July 2015

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 21 July 2015

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 21 July 2015

  Open at official source

Sponsors

• Sen. Menendez, Robert [D-NJ] · D · Sponsor
• Charles Schumer · D · Sponsor
• Kirsten Gillibrand · D · Sponsor
• Sen. Booker, Cory A. [D-NJ] · D · Sponsor
• · sssb00 · Standing

Related records

• related to → Tornado Family Safety Act of 2015
• related to → RISE After Disaster Act of 2015