Sen. Scott Moves to Bring Accountability to SBA Disaster Loan Account

WASHINGTON - U.S. Senator Tim Scott (R-S.C.), member of the Senate Committee on Small Business, introduced the SBA Disaster Transparency Act, which requires the Small Business Administration to make its monthly reporting requirements for the Disaster Loan Account available to the public. As of 2015, the Federal Emergency Management Agency (FEMA) has followed this transparent reporting model for its Disaster Relief Fund (DRF).

"In the wake of these devastating storms, bringing transparency and accountability to the SBA is the only path forward. Anytime our nation faces a natural disaster, we should have the necessary resources to address the aftermath," said Senator Scott. "When Congress isn't notified that agency funding levels are nearing empty, the American people will without question suffer. I am glad to be leading this effort with my colleagues to bring more oversight to the SBA and ensure our disaster response isn't caught flatfooted."

"North Carolinians, including countless small business owners, were hit hard by the devastation caused by Hurricane Helene," said Senator Tillis. "This common-sense legislation will bring greater transparency to the SBA's disaster relief program, ensuring administrative accountability at SBA so those affected by Hurricane Helene and future natural disasters receive the support they need to rebuild their lives."

"Communities in Tennessee and across the country that are rebuilding from natural disasters deserve full transparency on how federal dollars are being spent towards recovery," said Senator Blackburn. "The SBA Disaster Transparency Act would require monthly reporting for the Disaster Loan Account to be open to the public."

"As we continue working to provide Western North Carolina with the resources they need to recover and rebuild, we must make sure these new taxpayer dollars are spent effectively and transparently. That's why I'm proud to support Senator Tim Scott's SBA Disaster Transparency Act. This commonsense bill will hold SBA accountable and help increase public trust," said Senator Budd.

Background
In October 2024, Senator Scott announced his plan to address the SBA's Disaster Loan program's lack of resources following Hurricanes Helene and Milton's devastation in South Carolina and surrounding states.

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