The SBA proposed amendments to its disaster loan program in response to changes made by the Recovery Improvements for Small Entities After Disaster Act of 2015 (the RISE Act): (1) expand the definition of a mitigating measure to include the construction of a safe room or similar storm shelter designed to protect property and occupants; (2) increase the unsecured threshold for physical damage loans for non-major disasters; and (3) allow the SBA to increase loan amounts to address contractor malfeasance. Comments must be received by the SBA by June 6, 2016.
Barbara Weltman
Big Ideas for Small Business, Inc.
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