Congressman Tim Moore Introduces Bipartisan Legislation to Improve Oversight of Small Business Disaster Loans Following Federal Failures During Hurricane Helene

WASHINGTON, D.C. — Recently, Congressman Tim Moore (NC-14) introduced the Disaster Loan Accountability and Reform Act to strengthen oversight and transparency within the Small Business Administration’s (SBA) disaster loan program. The effort is co-led with Congressman Don Davis (NC-01).

This bipartisan legislation responds directly to the failures uncovered during last year’s disaster loan shortfall, when the SBA's loan account was allowed to run dry for more than two months without warning to Congress. That 66-day lapse meant communities hit hard by Hurricane Helene had significantly delayed access to the support they needed to recover. 

“The federal government must learn from the failures that caused delays in disaster assistance in the initial aftermath of Hurricane Helene,” said Congressman Moore. “This legislation brings needed transparency to ensure the Small Business Administration shows up for folks who are rebuilding and working hard to take care of their families after a natural disaster. I’m proud to lead this effort so that no community is ever left waiting in the dark again.”

“By increasing transparency and common-sense safeguards at the Small Business Administration, we can ensure timely and reliable loans to those who need them most,” said Congressman Don Davis. “Our farmers, small business owners, and aspiring entrepreneurs desperately need further assistance as they recover from Hurricane Helene and other natural disasters.”

The Disaster Loan Accountability and Reform Act would require the SBA to issue monthly reports on the disaster loan fund’s status, ensure budget planning is based on a ten-year average, and trigger funding safeguards when reserves fall too low. It also directs a full review of the SBA’s recent failures, with actionable recommendations to prevent another funding lapse.

Original cosponsors include Reps. Don Davis (NC-01), Chuck Edwards (NC-11), Kimberlyn King-Hinds (NMI), Carlos Gimenez (FL-28), Greg Murphy (NC-03), Byron Donalds (FL-19), Russell Fry (SC-07), Juan Ciscomani (AZ-06), David Rouzer (NC-07), and Joe Wilson (SC-02).

Read the full text of the bill HERE.

Senator Ted Budd (R-NC) introduced the companion legislation in the Senate, where it passed out of the Senate Small Business Committee unanimously earlier this year.