Sen. Scott Applauds Committee Passage of Disaster Relief Loan Account Accountability Legislation

WASHINGTON — U.S. Senator Tim Scott (R-S.C.) released the following statement applauding the passage of his SBA Disaster Transparency Act out of the Senate Small Business and Entrepreneurship Committee: 

“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. 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.”

The SBA Disaster Transparency Act would bring the SBA disaster account into parity with the Federal Emergency Management Agency (FEMA) Disaster Relief Fund, requiring public reports on the status of the SBA’s fund.

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