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S. 300119th CongressPlaced on the calendarLatest action Mar 4, 2025Decoded by AI · checked against the record
The plain-language version leads. The official text is always the reference.
S 300 would force the SBA to report more often to Congress and limit its ability to forgive disaster loans.
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S 300, the Disaster Loan Accountability and Reform Act, requires the SBA to send Congress detailed monthly reports on disaster loan spending, including warnings about low funding, and to submit budget requests comparing costs to 10-year averages. It restricts loan forgiveness and debt write-offs without Congressional approval, limits large collateral-free loans during funding shortages, blocks new cost-increasing rules, and orders GAO and Inspector General reviews of recent rule changes and a 2024 funding shortfall.
SBA administrators and staff face new reporting and rule-making restrictions; members of Congress receive more detailed financial information; small businesses and individuals seeking disaster loans could be indirectly affected.
Stricter rules on collateral and loan forgiveness could make some disaster loans harder to get or repay.
AI-drafted summary. Verify it against the official text before you act on it. Read the official bill on Congress.gov
Right now: it was placed on the Senate floor calendar, and the official record shows no floor action on it since. If the House changes it, it goes back to the Senate before reaching the President.
Latest action: — Placed on Senate Legislative Calendar under General Orders. Calendar No. 22.