Law to help future flood victims
Published 3:31 am Wednesday, November 27, 2019
On Monday, President Donald Trump signed into law U.S. Sen. John Kennedy’s (R-La.) bill, the Rebuilding Small Businesses After Disasters Act.
This law ensures families continue to have access to select Small Business Administration (SBA) loans soon after a disaster.
In 2015, a provision in the Recovery for Small Entities After Disaster Act temporarily increased loan limits for physical disaster loans up to $25,000. The provision was set to expire on Nov. 25, and would lower the physical disaster loans to $14,000. This legislation extends the provision for another three years, preventing these disaster loans from decreasing.
“Disasters like hurricanes and flooding leave Louisiana properties in ruin,” Kennedy said. “This legislation ensures that families have quick access to the funds they need to rebuild. It puts financial resources into the pockets of our homeowners and small business owners.”