118 S5341 IS: Restoring an Economic Lifeline with Immediate Emergency Funding Act, 2025
U.S. Senate
2024-11-18
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Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
II
118th CONGRESS
2d Session
S. 5341
IN THE SENATE OF THE UNITED STATES
November 18, 2024
Mr. Tillis (for himself, Mrs. Murray, Ms. Collins, Mr. Budd, Mr. Cassidy, Mr. Warner, Mr. Heinrich, Mr. Scott of South Carolina, and Ms. Ernst) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship
A BILL
Making supplemental appropriations for small business disaster relief for the fiscal year ending September 30, 2025.
That the following sums are appropriated, out of any money in the Treasury not otherwise appropriated, for the fiscal year ending September 30, 2025, namely:
I

SMALL BUSINESS ADMINISTRATION

DISASTER LOANS PROGRAM ACCOUNT

(INCLUDING TRANSFERS OF FUNDS)
For an additional amount for “Disaster Loans Program Account” for the cost of direct loans authorized by section 7(b) of the Small Business Act, $810,000,000, to remain available until expended, of which $10,000,000 shall be transferred to “Office of Inspector General” for audits and reviews of disaster loans and the disaster loans programs; and of which $250,000,000 may be transferred to “Salaries and Expenses” for administrative expenses to carry out the disaster loan program authorized by section 7(b) of the Small Business Act: Provided, That none of the funds provided under this heading may be used for indirect administrative expenses: Provided further, That such amount is designated by the Congress as being for an emergency requirement pursuant to section 251(b)(2)(A)(i) of the Balanced Budget and Emergency Deficit Control Act of 1985.
II

GENERAL PROVISIONS
201.
Each amount appropriated or made available by this Act is in addition to amounts otherwise appropriated for the fiscal year involved.
202.
No part of any appropriation contained in this Act shall remain available for obligation beyond the current fiscal year unless expressly so provided herein.
203.
Unless otherwise provided for by this Act, the additional amounts appropriated by this Act to appropriations accounts shall be available under the authorities and conditions applicable to such appropriations accounts for fiscal year 2025.
204.
Each amount designated in this Act by the Congress as being for an emergency requirement pursuant to section 251(b)(2)(A)(i) of the Balanced Budget and Emergency Deficit Control Act of 1985 shall be available (or repurposed, rescinded, or transferred, if applicable) only if the President subsequently so designates all such amounts and transmits such designations to the Congress.
205.
Any amount appropriated by this Act, designated by the Congress as an emergency requirement pursuant to section 251(b)(2)(A)(i) of the Balanced Budget and Emergency Deficit Control Act of 1985 and subsequently so designated by the President, and transferred pursuant to transfer authorities provided by this Act shall retain such designation.
206.
(a)
In this section—
(1)
the terms “Administration” and “Administrator” mean the Small Business Administration and the Administrator thereof, respectively;
(2)
the term appropriate committees of Congress means the Committee on Small Business and Entrepreneurship and the Committee on Appropriations of the Senate and the Committee on Small Business and the Committee on Appropriations of the House of Representatives;
(3)
the term covered amounts means amounts made available for the cost of direct loans authorized by section 7(b) of the Small Business Act (15 U.S.C. 636(b)); and
(4)
the term Inspector General means the Inspector General of the Administration.
(b)
The Inspector General shall conduct a review of the circumstances and the underlying causes surrounding the funding shortfall with respect to covered amounts, as described in the letter from President Joseph R. Biden, Jr. entitled “Letter to Congress on Disaster Needs”, dated October 4, 2024, and the letter from the Administrator submitted to the Chairs and Ranking Members of the Committees on Appropriations of the Senate and the House of Representatives, dated October 10, 2024: Provided, That such review shall include the following with respect to such funding shortfall—
(1)
a comparison of monthly obligations of covered amounts against projected obligations of covered amounts;
(2)
an analysis of the accuracy of projections and estimates related to projected obligations of covered amounts;
(3)
the identification and description of any internal controls in place to manage covered amounts;
(4)
the identification of actions that the Administration can take to improve the accuracy of information submitted by the President under section 1105(a) of title 31, United States Code, with respect to the Administration; prevent any future funding shortfall with respect to any account of the Administration; and improve the report submitted to the appropriate committees of Congress under section 12091(a) of the Small Business Disaster Response and Loan Improvements Act of 2008 (15 U.S.C. 636k(a)); and
(5)
any other matter determined relevant by the Inspector General:
Provided further, That not later than 181 days after the date of enactment of this Act, the Inspector General shall submit to the appropriate committees of Congress a report that contains the findings of such review.
(c)
Not later than 30 days after the date of enactment of this Act, the Administrator shall submit to the appropriate committees of Congress a report detailing corrections the Administration will make to improve forecasting, data quality, and budget assumptions relating to budget submissions relating to amounts made available for the cost of direct loans authorized by section 7(b) of the Small Business Act (15 U.S.C. 636(b)): Provided, That not later than 90 days after the date of enactment of this Act, and every 90 days thereafter until the date that is 90 days after the date on which all the corrections described in this subsection have been implemented, the Administrator shall submit to the appropriate committees of Congress a report—
(1)
detailing the actions the Administration has taken to implement the corrections described in this subsection; and
(2)
explaining how each action detailed under paragraph (1) is directly related to implementing one or more corrections described in this subsection.
This Act may be cited as the “Restoring an Economic Lifeline with Immediate Emergency Funding Act, 2025”.