Graves Unveils SBA Disaster Loan Limit Raise Bill

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Just in time for Atlantic hurricane season, US Rep. Garrett Graves joined Florida-based Rep. Maria Elvira Salazar to introduce new legislation that would raise the Small Business Administration’s credit limits in the event of natural disasters.

The bipartisan Disaster Recovery Community Act will increase the maximum loan amount for SBA disaster loans from $ 200,000 to $ 400,000 for home renovations and from $ 40,000 to $ 75,000 for replacement household and personal property.

“This relief program no longer meets the needs of victims of natural disasters because house prices have risen significantly and loan amounts have not increased similarly,” Graves said in a prepared statement. More about legislation.



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