U.S. Government Affairs

On Monday, June 2, Congressman Joe Neguse (D-CO) introduced two bills that would modernize how the Small Business Administration (SBA) distributes aid for homeowners: the Disaster Loan Interest Relief Act, co-led by Rep. Juan Ciscomani (R-AZ), and the Disaster Loan Application Flexibility Act, co-led by Rep. Chuck Edwards (R-NC).  IAEM has endorsed both bills.

• The Natural Disaster Loan Interest Relief Act codifies a policy previously implemented by the SBA that would waive the interest rate for the first year on new disaster loans and extend the initial payment deferment period automatically to 12 months. Read bill text HERE. 

• The Disaster Loan Application Flexibility Act modifies application deadlines and communication requirements for disaster assistance by directing the SBA to extend loan application deadlines past the current window of two to three months post-disaster declaration, and issuing guidance for public awareness campaigns in affected areas to better educate individuals on the application process and ensuring the Members of Congress who represent these districts stay informed and receive regular updates. Read bill text HERE.

Here is the link to the press release.