Sen. Scott, Colleagues Seek to Enhance Accountability for SBA Disaster Loan Account

WASHINGTON — U.S. Senator Tim Scott (R-S.C.), member of the Senate Committee on Small Business, along with Senator Adam Schiff (D-Calif.), re-introduced the SBA Disaster Transparency Act, which requires the Small Business Administration to make its monthly reporting requirements for the Disaster Loan Account available to the public. As of 2015, the Federal Emergency Management Agency (FEMA) has followed this transparent reporting model for its Disaster Relief Fund (DRF).  

Senators Scott and Schiff are joined on the legislation by Senators Marsha Blackburn (R-Tenn.), Rick Scott (R-Fla.), and Ted Budd (R-N.C.).

“When I surveyed the devastation from Hurricane Helene, I knew the road to recovery would be long and difficult, but that South Carolinians are resilient,” said Senator Tim Scott. “The SBA Disaster Transparency Act makes simple but necessary reforms to the Disaster Loan Account that will provide increased transparency and ensure Congress is able to act before it’s too late. I am grateful to my colleagues for joining me on this commonsense, bipartisan legislation. I remain committed to working on lasting solutions with President Trump and Congress to ensure we have effective, top-of-the-line disaster response efforts in place.”

“In the aftermath of the fires in Los Angeles that have devastated our communities, we are introducing this bipartisan bill to hold the SBA accountable and improve transparency of available disaster funds. With this oversight, we can help ensure those impacted receive the support and funding they deserve in order to swiftly recover and rebuild,” said Senator Schiff.

“Recent natural disasters exposed the need for greater oversight and reform of the SBA’s Disaster Loan Account. The people of Western North Carolina should not be put in a position where the SBA’s account is depleted due to inadequate planning. These loans should follow the same reporting requirements as other agencies, like FEMA, so that funds are available when needed. I’m proud to join Senator Tim Scott to bring accountability to SBA’s disaster loans,” said Senator Budd.

“Communities in Tennessee and across the country that are rebuilding from natural disasters deserve full transparency on how federal dollars are being spent towards recovery. The SBA Disaster Transparency Act would require monthly reporting for the Disaster Loan Account to be open to the public,” said Senator Blackburn.

Senator Rick Scott said, “The American people have every right to know where their tax dollars are being spent and hold their government accountable. I’m proud to join my colleagues to introduce the SBA Disaster Transparency Act to bring more transparency to the federal government.”

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