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Graves Co-Introduces Bipartisan Bill to Increase SBA Physical Damage Limits on Loans

U.S. Congressman Garret Graves (South Louisiana)

WASHINGTON, DC – U.S. Congressman Garret Graves (South Louisiana) joined Congresswoman María Elvira Salazar (Florida) in introducing the bipartisan Rebuilding Communities After Disasters Act to adjust the Small Business Administration (SBA) disaster loan limits. The limits have not been adjusted since 1994 while the average home price has tripled in the United States from $106,000 to approximately $350,000. Specifically, the bill would increase the maximum loan amount for SBA physical damage disaster loans from $200,000 to $400,000 for home repair, and from $40,000 to $75,000 to replace household and personal belongings.

One of Graves’ top priorities with this legislation is to make sure that the Duplication of Benefits (DoB) doesn’t become a factor.

"This assistance program no longer meets the needs of disaster victims because home prices have significantly increased while the loan amounts have not similarly increased. This bill is a great example of how common-sense, bipartisan solutions can fix this and help people that need it most. At the same time, one key issue we are working to resolve is making sure that the 2016 Flood Duplication of Benefits issue will not apply to any future loans granted under the SBA program,” Graves said. “And at the end of the day, this all needs to be kept in perspective. This loan program and other FEMA assistance efforts are employed when flood protection has failed, and we have flood victims. The top priority must be to prevent flooding in our committees. We will not lose sight of this priority."

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