Rep. McGarvey on SBA's Disaster Response and Small Business Funding

SBA's Role in Disaster Recovery

• 🎯 The SBA's disaster lending program is being brought back under the office of disaster recovery and resilience to provide cradle-to-grave visibility.
• 💡 This move aims to improve the process for small businesses impacted by disasters, ensuring they receive necessary support.
• ⚠️ The SBA is working to ensure that disaster loan funding is sufficient, especially given the unpredictability of natural disasters like fires, floods, and tornadoes.

Funding and Budgetary Concerns

• 📊 SBA's November forecasting data suggests disaster loan program funding may be sufficient through October 2026, but this is contingent on no additional spikes in natural disasters.
• 📉 Flat funding due to the House Republicans not passing a budget for two years is a concern that could impact the SBA's ability to disburse funds to impacted small businesses.
• ✅ Despite concerns, the SBA reports no delay in funding for businesses, homeowners, and renters, citing recent quick funding for Typhoon Hong in Alaska.

Louisville Plane Disaster Response

• ✈️ Representative McGarvey highlighted the devastating impact of the MD-11 crash in Louisville, Kentucky, which destroyed several small businesses, leaving nothing but ash.
• 👏 He expressed gratitude for the SBA's amazing work in providing emergency disaster loans to affected small businesses in his hometown.
• 🤝 The SBA is committed to ensuring that everyone eligible receives a small business loan following the tragedy.

Hardship Accommodation Plan

• 💰 The SBA officially ended its hardship accommodation plan, which allowed flexibility for borrowers to pay 10% of their normal payment for six months.
• ❓ McGarvey seeks assurance that this program remains available for those who still need it.