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Washington, D.C.— Today, the House of Representatives passed legislation to improve access to small business disaster assistance. S. 862, the Rebuilding Small Businesses After Disasters Act, extends for three additional years the current $25,000 minimum disaster loan amount for which the SBA may require collateral. Already passed in the Senate, the bill now moves to the President’s desk for his signature.

“Raising the unsecured loan amount provides support for Americans when they need it most,” said Velazquez. “For small businesses in the aftermath of a disaster, access to affordable credit can mean the difference between remaining in business or closing their doors and putting Americans out of work. While I would prefer permanency for this commonsense provision, I am grateful for the cooperation with the Senate to provide an extension for the foreseeable future. I look forward to working with the Senate to permanently extend this critical section of the law.”

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