To amend the Small Business Act to improve the availability of disaster loans to individuals and businesses affected by catastrophic incidents.
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.
Introduced in House
Introduced in House
Referred to the House Committee on Small Business.
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