Small Business Disaster Loan Improvement Act of 2007
Last action on Jan 18, 2007Referred to the House Committee on Small Business.
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Summary
Small Business Disaster Loan Improvement Act of 2007 - Amends the Small Business Act to prohibit the Administrator of the Small Business Administration (SBA), in determining whether a person is eligible for a loan under the SBA's disaster loan program with respect to a catastrophic incident, or in determining the amount of such loan, to consider the extent to which: (1) the loss or injury of the person is compensated for by insurance or otherwise; or (2) the person paid insurance proceeds to a recorded lienholder.
Deems the 2005 Hurricanes Katrina, Wilma, and Rita as catastrophic incidents for purposes of this Act.
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