Political Quotes

“There are at least 40 States and two territories with ongoing disaster declarations for drought. The Small Business Administration is currently serving the millions of small businesses and residents in those States to provide relief against economic loss. The SBA has also provided almost $1 billion in wildfire disaster relief since 2016. The amendment I am offering, along with my colleague, Congressman Garret Graves of Louisiana, would permanently set the unsecured credit threshold for SBA's disaster loans at $25,000. Doing so gives the millions of borrowers affected by any natural disaster, including wildfires and droughts, the peace of mind during a stressful and traumatic time. In 2015, Congress enacted the RISE Act, legislation I championed that temporarily raised the collateral threshold on SBA disaster loans to make it easier for victims to obtain capital to rebuild their homes and businesses. Unfortunately, that provision is scheduled to expire in November unless it is extended or made permanent. My amendment will make the provision permanent, allowing disaster victims to continue to receive a $25,000 loan, rather than just $14,000, without requiring them to provide collateral within 5 days of closing. A recent report issued by the Government Accountability Office found that disaster loans with collateral performed comparably to those without collateral.…”