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Disaster Assistance Loan Program; Disaster Loan Mitigation, Contractor Malfeasance and Secured Threshold

SBA · final-rule · Published 2016-10-03 · Effective 2016-10-03 · 81 FR 67901

Document

Document number
2016-23733
Federal Register citation
81 FR 67901
CFR reference
13 CFR 123
Type
Rule
Action
Final rule.
Category
final-rule
Agency
US Small Business Administration
Publication date
2016-10-03
Effective date
2016-10-03

Abstract

On April 6, 2016, the U.S. Small Business Administration (SBA) published in the Federal Register a proposed rule to amend its disaster loan program regulations in response to changes made to the Small Business Act (the Act) by the Recovery Improvements for Small Entities After Disaster Act of 2015 (the RISE Act). SBA received no comments on its proposed rule; therefore SBA adopts the proposed rule without change. The first change expands the definition of a mitigating measure to include the construction of a safe room or similar storm shelter designed to protect property and occupants. The second change allows for an increase of the unsecured threshold for physical damage loans for non-major disasters. The third change allows SBA to increase loan amounts to address contractor malfeasance. In addition, SBA is making several technical corrections to conform certain regulatory provisions to existing statutory authority and remove an obsolete reference in part 123.

Source

Authoritative
Federal Register document
Machine
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