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Bipartisan Bill to Overhaul Disaster Loan Program Clears Committee
WASHINGTON – Today the Senate Committee on Small Business and Entrepreneurship passed comprehensive legislation to improve the government's Disaster Loan Program and ensure disaster victims receive timely assistance. The program was mismanaged and ineffective in the aftermath of Hurricanes Katrina and Rita in 2005. Although some improvements have been made to the program over the last six months, the Administration requires additional tools to be able to swiftly and effectively respond in the aftermath of a disaster. The legislation was sponsored by Senators John Kerry (D-Mass.), Olympia J. Snowe (R-Maine), Mary Landrieu (D-La.), and David Vitter (R-La.).
"This legislation is critical to providing our small businesses with a swift, comprehensive federal response in the aftermath of a large scale disaster," said Kerry, Chairman of the Committee on Small Business and Entrepreneurship. "The SBA needs to have the tools made available in this bill in order to respond quickly and effectively to the needs of disaster victims."
The House Small Business Committee passed legislation earlier this month to improve the Disaster Loan Program. Now both bills are headed to consideration by the full Senate and House. The Senate unanimously passed a similar version of this legislation last year.
"All of the improvements to the SBA's Disaster program are targeted to allow the agency to be more nimble and effective in the vital role of long-term economic recovery," said Senator Snowe. "Such changes are clearly needed and I am hopeful that with these new resources, the Agency will be better equipped to respond to future disasters."
To locate the rest of this article please visit sbc.senate.gov.
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