WASHINGTON, DC – U.S. Senators Bob Menendez and Cory Booker (both D-NJ) applauded the unanimous passage today by the Senate Small Business Committee of the Menendez-authored Superstorm Sandy Relief and Disaster Loan Program Improvement Act which would extend, expand and improve access to federal disaster loans through the U.S. Small Business Administration (SBA).
“We need to do everything we can to help those who are still struggling to recover nearly three years after Superstorm Sandy and I’m pleased this bill has moved a step forward,” said Sen. Menendez. “Providing access to much needed capital through low-interest loans will allow homeowners to rebuild, and businesses to stay open and keep their workers on the job, while repairs and resiliency upgrades are completed.”
“The committee passage of the Superstorm Sandy Relief and Disaster Loan Program Improvement Act marks another step forward in our ongoing efforts to restore the extensive losses New Jerseyans suffered as a result of Sandy,” said Sen. Booker. “As a member of the Senate Small Business Committee, I worked extensively to strengthen this bill and streamline the application process to make disaster loans more accessible to New Jersey business owners. I am proud to join Senator Menendez in celebrating today’s progress and look forward to its final passage.”
Menendez wrote the bill in response to findings by both the Government Accountability Office and the SBA Inspector General’s Office that SBA failed to meet timeliness and accuracy standards when responding to Hurricane Sandy. As Sandy survivors continue to wait for RREM rebuilding grants and full flood insurance payouts, they will have the peace of mind that low-interest loans will be available at the end of the day to fill any remaining unmet needs. Along with Senators Menendez and Booker, the bill is also co-sponsored by Senators Schumer and Gillibrand. Its companion bill has passed the House of Representatives.
Superstorm Sandy Relief and Disaster Loan Program Improvement Act of 2015:
Reopens Sandy Disaster Assistance Applications
Safe Rooms
Reduces Closing and Disbursement Delays
Disaster Plan Improvements
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March 12, 2024