[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8581 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                                H. R. 8581

    To amend the Small Business Act to provide for cancellation or 
repayment for certain Small Business Administration disaster loans, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 31, 2024

 Ms. Brownley introduced the following bill; which was referred to the 
                      Committee on Small Business

_______________________________________________________________________

                                 A BILL


 
    To amend the Small Business Act to provide for cancellation or 
repayment for certain Small Business Administration disaster loans, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Disaster Loan Forgiveness Act''.

SEC. 2. CANCELLATION OR REPAYMENT FOR CERTAIN SMALL BUSINESS 
              ADMINISTRATION DISASTER LOANS.

    Section 7(b) of the Small Business Act (15 U.S.C. 636(b)) is 
amended--
            (1) by redesignating the second paragraph (16) (relating to 
        statute of limitations) as paragraph (17); and
            (2) by inserting after paragraph (17), as so redesignated, 
        the following new paragraph:
            ``(17) Cancellation or repayment for certain loans.--
                    ``(A) In general.--The Administrator may cancel or 
                repay an amount described under subparagraph (B) of the 
                balance of interest and principal due on a loan made 
                under paragraph (1)(A) for a borrower described in such 
                subparagraph.
                    ``(B) Amounts.--The amounts described under this 
                paragraph are as follows:
                            ``(i) With respect to borrower who is an 
                        individual--
                                    ``(I) with an income less than or 
                                equal to 400 percent of the poverty 
                                line applicable to the borrower's 
                                family size as determined in accordance 
                                with section 673(2) of the Community 
                                Services Block Grant Act, 100 percent 
                                of such balance; and
                                    ``(II) with an income greater than 
                                400 percent of such poverty line and 
                                less than $250,000, 50 percent of such 
                                balance.
                            ``(ii) With respect to a borrower that is a 
                        small business concern or a small nonprofit 
                        organization (as defined by the Administrator), 
                        not more than 50 percent of such balance.''.
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