Sec. 7. GAO report on SBA disaster loan account
232 words·~1 min read·
/bill/119/hr/4238/ih/section-7A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than 180 days after the date of enactment of this Act, the Comptroller General of the United States shall submit to the Administrator and the appropriate committees of Congress a report on— the average weekly rate at which the Administration obligates the unobligated balance of amounts available for the cost of SBA disaster loans; the average amount, during the periods beginning on October 1, 2015, and ending on July 31, 2023, and beginning on July 31, 2023, and ending on the date of enactment of this Act, respectively, disbursed to a borrower each week, during the initial 12-week period in which a borrower receives amounts from an SBA disaster loan, beginning the day after the borrower accepts their loan, separated by home SBA disaster loan borrowers, business SBA disaster loan borrowers, and economic injury disaster loan borrowers; and the average amount of fully disbursed SBA disaster loans, originated during the period beginning on July 31, 2023, and ending on the date of enactment of this Act, with separate averages for SBA disaster loans delineated by home, business, and economic injury disaster loans.
Not later than 90 days after the date on which the Comptroller General of the United States submits the report under subsection (a), the Administrator shall submit to the appropriate committees of Congress a response to the report, including an implementation plan for any recommendations in the report.