U.S. Senator Tim Scott has expressed approval following the Senate Small Business and Entrepreneurship Committee’s passage of his proposed legislation, the SBA Disaster Transparency Act. The bill aims to address issues with the Small Business Administration’s (SBA) Disaster Loan Account, which was depleted after Hurricane Helene struck South Carolina.
Senator Scott stated, “Just weeks after South Carolina was devastated by Hurricane Helene, the SBA’s Disaster Loan Account was completely out of money. I heard from hundreds of South Carolina businesses about the hardship of the SBA loan shortage and immediately began working on several measures to ensure this problem isn’t repeated.”
The legislation seeks to reform the Disaster Loan Account by enhancing transparency and ensuring that Congress can intervene before funds are exhausted. It proposes aligning the SBA disaster account with the Federal Emergency Management Agency (FEMA) Disaster Relief Fund by mandating public reports on its status.
Senator Scott emphasized his commitment to collaborating with colleagues and President Trump to implement measures aimed at mitigating future disaster-related challenges: “This is a needed step forward to reform the Disaster Loan Account, provide increased transparency, and ensure Congress can act before it’s too late. I will continue working with my colleagues and President Trump to ensure this and other measures are put in place to ease the pain of future tragedies.”
