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H.R. 3557119th CongressIn committeeLatest action May 21, 2025Decoded by AI · checked against the record
Official title: To amend the Small Business Act to waive the accrual of interest and payments for certain disaster loans for a year, and for other purposes.
Introduced:
Read the official bill on Congress.govThe plain-language version leads. The official text is always the reference.
Small businesses and individuals with new federal disaster loans would pay zero interest and no payments for the first 12 months after receiving funds.
40-second read · 4 questions answered below
This bill would set the interest rate to zero and pause all payments for the first 12 months on qualifying federal disaster loans. After that year, normal loan terms would resume. It only applies to loans tied to disasters declared after the bill becomes law.
Small businesses, homeowners, and renters who receive a disaster loan through the Small Business Administration after this bill takes effect would qualify. People with existing or older disaster loans would not be covered.
Borrowers would have one year without interest charges or required payments before standard repayment begins. Loans connected to disasters declared before the bill's enactment would continue under their original terms.
AI-drafted summary. Verify it against the official text before you act on it. Read the official bill on Congress.gov
Right now: a House committee is reviewing it. If the Senate changes it, it goes back to the House before reaching the President.
Latest action: — Referred to the House Committee on Small Business.