SBA Disaster Loan Program: Frequently Asked Questions (CRS Report for Congress)
Premium Purchase PDF for $24.95 (10 pages)
add to cart or
subscribe for unlimited access
Pro Premium subscribers have free access to our full library of CRS reports.
Subscribe today, or
request a demo to learn more.
| Release Date |
Revised Aug. 8, 2023 |
| Report Number |
R44412 |
| Report Type |
Report |
| Authors |
Bruce R. Lindsay, Analyst in American National Goverment; William L. Painter, Analyst in Emergency Management and Homeland Security Policy; Francis X. McCarthy, Analyst in Emergency Management Policy |
| Source Agency |
Congressional Research Service |
| Older Revisions |
-
Premium Revised March 1, 2023 (9 pages, $24.95)
add
-
Premium Revised May 1, 2020 (10 pages, $24.95)
add
-
Premium March 9, 2016 (15 pages, $24.95)
add
|
Summary:
This report responds to frequently asked questions about the Small Business Administration (SBA) Disaster Loan Program. The SBA Disaster Loan Program provides direct loans to help businesses, nonprofit organizations, homeowners, and renters repair or replace property damaged or destroyed in a federally declared disaster. The program is also designed to help small agricultural cooperatives recover from economic injury resulting from a disaster. SBA disaster loans include (1) Home and Personal Property Disaster Loans, (2) Business Physical Disaster Loans, and (3) Economic Injury Disaster Loans (EIDL). Most direct disaster loans (approximately 80%) are awarded to individuals and households rather than small businesses. The program generally offers low-interest disaster loans at a fixed rate with loan maturities of up to 30 years.
Key issues of interest to Congress include:
how the program is put into effect,
how much Congress appropriates to the program,
what types of loans are available to businesses and homeowners,
the use of SBA disaster loans in conjunction with insurance,
loan interest rates and terms for SBA disaster loans,
eligible activities,
loan processing times, and
collateral requirements.
For additional information on Small Business Administration Disaster Loan Program related to COVID-19, see CRS Insight IN11370, SBA EIDL and Emergency EIDL Grants for COVID-19, by Bruce R. Lindsay; CRS Report R46284, COVID-19 Relief Assistance to Small Businesses: Issues and Policy Options, by Robert Jay Dilger, Bruce R. Lindsay, and Sean Lowry; and CRS Insight IN11357, COVID-19-Related Loan Assistance for Agricultural Enterprises, by Robert Jay Dilger, Bruce R. Lindsay, and Sean Lowry.
