Hot Topics!

The Committee on Small Business and Entrepreneurship oversees the federal government's disaster loan program. The Small Business Administration is responsible for disbursing disaster loans to both individuals and small businesses affected by a disaster. Disaster declaration can be made after hurricanes, earthquakes, tornadoes, winter storms, or terrorist attacks. After Hurricanes Katrina and Rita devastated the Gulf Coast in 2005, the inefficiencies and mismanagement of the program received national attention and warranted Congressional action.

As a result, in the 109th and 110th Congresses, bipartisan legislation to reform and improve disaster assistance to business owners and homeowners passed the Senate in various forms. Most recently, the Small Business Disaster Response and Loan Improvements Act (S. 163) passed which establishes a Private Disaster Loan program to allow banks to make loans directly to victims. The bill also creates a new expedited disaster assistance business loan program and designates a new presidential declaration of "Catastrophic National Disaster," which will allow the Small Business Administration SBA to issue nationwide economic injury disaster loans to small businesses affected by a large-scale disaster. To speed up the response time, this legislation provides key tools for processing disaster loan applications more quickly, and increases the maximum size of a disaster loan from $1.5 million to $2 million.

Press Releases
05/02/08	Massachusetts Small Businesses Hurt by Drought to Get Help from Kerry Law
02/27/08	Kerry, Tsongas Advocate for Fire Victims
01/24/08	Kerry, Kennedy, Tsongas Urge Help for Fire Victims
01/22/08	Kerry: Disaster Response Plan Falls Short
12/21/07	Democrats Secure Big Wins for Small Businesses

Statements
02/20/08	Statement for the Record for Senator Mary L. Landrieu for the Small Business Committee Field Hearing on "Rebuilding the Gulf Coast: Small Business Recovery in South Louisiana"
07/25/07	Kerry Opening Statement on Oversight Hearing on Gulf Coast Disaster Loans and the Future of the Disaster Loan Program
03/29/07	Kerry Opening Statement on the Markup of S. 163, The Small Business Disaster Response and Loan Improvements Act of 2007
02/14/07	Kerry Statement on The Small Business Disaster Loan Reporting Act of 2007
01/04/07	Kerry Statement on the Small Business Disaster Response and Loan Improvement Act of 2007

Articles
05/05/08	Small businesses get help from Kerry law
02/29/08	Kerry, Tsongas urge disaster loans for Lawrence fire victims
02/12/08	Landrieu, Vitter To Hold Hearing For Small Business Post Katrina
01/26/08	Money on the way to fire victims Feds declare city block a disaster, loans offered
01/24/08	US National Response Framework released