How S 300 changes current law

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill establishes new reporting requirements and accountability measures for the disaster loan program, limiting loan forgiveness, requiring budget justifications, and setting notification protocols when funding is low.

• 15 U.S.C. 636k(a)

  during the applicable period for a major disaster

  Removes the specific timing requirement for monthly disaster loan reports, making it more flexible.

• 15 U.S.C. 636k(a)(2)(E)

  how long the available funding for such loans will last → the date at which available funding for such loans will reach 10 percent of the most recent appropriation and the date at which the funds will be depleted

  Changes the content of monthly reports to include specific dates related to funding thresholds instead of a general timeframe.

• 15 U.S.C. 636k(a)(2)

  J) a summary detailing any changes to estimates or assumptions on obligations and expenditures, including data supporting these changes.

  Increases accountability by requiring reports to include explanations of any changes in financial assumptions.

• 15 U.S.C. 636k

  3) Prohibition on official travel.--If the Administrator does not submit a report required to be submitted under paragraph (1) by the required date, no funds may be obligated for official travel by the Administrator until the Administrator submits the report.

  Holds the Administrator accountable by restricting funds for official travel until reports are submitted on time.

• 31 U.S.C. 1105

  39) separate statements of--(A) the amount of appropriations requested for the fiscal year for which the budget is submitted for the cost of SBA disaster loans, the 10-year average of the cost of SBA disaster loans, and an explanation for any difference between the amount requested and the 10-year average cost; and(B) the amount of appropriations requested for the fiscal year for which the budget is submitted for the cost of COVID-EIDL loans, the 10-year average of the cost of COVID-EIDL loans, and an explanation for any difference between the amount requested and the 10-year average cost.

  Requires detailed budget justifications for disaster loans, enhancing fiscal transparency.

• 31 U.S.C. 1105

  40) separate statements of--(A) the amount of appropriations requested for the fiscal year for which the budget is submitted for administrative costs relating to SBA disaster loans, the 10-year average of such administrative costs, and an explanation for any difference between the amount requested and the 10-year average costs; and(B) the amount of appropriations requested for the fiscal year for which the budget is submitted for administrative costs relating to COVID-EIDL loans, the 10-year average of such administrative costs, and an explanation for any difference between the amount requested and the 10-year average costs.

  Enhances oversight of administrative costs associated with disaster loans by requiring budget details.

• 15 U.S.C. 636(o)

  (1) In general.--The Administrator may not--(A) forgive any loan under this section unless Congress has authorized such forgiveness; or(B) compromise on, suspend, or end collections on a debt owed to the Administration...

  Restricts the Administrator's authority to forgive loans or suspend debt collection without Congressional authorization.

• 15 U.S.C. 636(b)

  17) Requirements when funding is low.--(A) In general.--Not later than 24 hours after the unobligated balance of amounts available for the cost of direct loans authorized by this subsection is less than 10 percent...

  Requires the Administrator to notify Congress within 24 hours when funding for loans falls below a specified threshold, enhancing responsiveness.

• 15 U.S.C. 636(d)(6)

  (or such higher amount as the Administrator determines appropriate in the event of a major disaster)

  Removes the Administrator's discretion to increase loan amounts without specific statutory authority during major disasters.