On October 29, 2012, Cyclone Sandy made landfall, triggering an approximated $65 billion in damage. The Small Company Administration (SBA) administers the Catastrophe Loan Program, which supplies physical catastrophe loans (utilized to reconstruct or change harmed home) and financial injury catastrophe loans (utilized for working capital up until typical operations resume) to assist companies and private property owners recuperate from catastrophes.
After Typhoon Sandy, Congress passed the Catastrophe Relief Appropriations Act of 2013, which appropriated $779 million to SBA for catastrophe loans and administrative expenditures. This report analyzes (1) the timeliness of SBA’s catastrophe help to small companies; (2) the loan approval rates for small companies and factors for decrease for Typhoon Sandy and previous catastrophes; and (3) the degree to which SBA has actually executed programs mandated by the Small company Catastrophe Reaction and Loan Improvements Act of 2008.
Tables and figures. This is a print as needed report.
http://businessadministrationclass.com/small-company-administration-extra-actions-required-to-assist-guarantee-more-timely-catastrophe-support/
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