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US HB2897
Bill
Status
4/10/2025
Primary Sponsor
Haley Stevens
Click for details
AI Summary
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Amends the Small Business Act to add "prolonged power outages" to the definition of "disaster" for purposes of SBA disaster loan eligibility under Section 7(b)
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Defines a prolonged power outage as affecting at least 25 homes or businesses in a county or smaller jurisdiction, with either uninsured losses of at least 40% of property value, or concurrent power loss for at least 48 hours
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Allows borrowers to use disaster loan proceeds to purchase energy resilience systems including generators, solar panels, wind turbines, microgrids, fuel cells, and batteries
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Permits loan funds to cover the cost of replacing food and drink that was lost, destroyed, or rendered unfit for consumption due to the power outage
Legislative Description
To amend the Small Business Act to make disaster loans available for damages caused by prolonged power outages, and for other purposes.
Commerce
Last Action
Referred to the House Committee on Small Business.
4/10/2025