Sens. Rubio, Kennedy Applaud Small Business Disaster Relief Bill Being Signed Into Law

WASHINGTON, Nov. 26 -- Sen. Marco Rubio, R-Florida, chairman of the Senate Small Business and Entrepreneurship Committee, issued the following news release:

U.S. Senators Marco Rubio (R-FL), Chairman of the Senate Committee on Small Business and Entrepreneurship, and John Kennedy (R-LA) thanked President Trump for signing their bipartisan Rebuilding Small Businesses After Disasters Act (S. 862) into law.

The bill extends provisions that will help homeowners and small businesses access certain U.S. Small Business Administration (SBA) loans. Additional co-sponsors include Senators Cory Booker (D-NJ) and Josh Hawley (R-MO). The Senate unanimously passed the bill in August.

"Unfortunately, Florida is no stranger to catastrophic natural disasters that wreak havoc on homes and businesses across our state." Chairman Rubio said. "The Rebuilding Small Businesses After Disasters Act will ensure that American homeowners and businesses impacted by disasters can access sufficient needed capital through the Small Business Administration to jumpstart and continue their recovery and rebuilding process. I was proud to work with my colleagues on this common-sense legislation for disaster victims and I thank President Trump for signing this important legislation into law."

"Disasters like hurricanes and flooding leave Louisiana properties in ruin," Kennedy said. "This legislation ensures that families have quick access to the funds they need to rebuild. It puts financial resources into the pockets of our homeowners and small business owners."

In 2015, a provision in the Recovery for Small Entities After Disaster Act temporarily increased loan limits for physical disaster loans up to $25,000. The provision was set to expire on Nov. 25, and would lower the physical disaster loans to $14,000. The Rebuilding Small Business After Disaster Act extends the provision for another three years preventing these disaster loans from decreasing.