Small Business Administration Disaster Loan Assistance PDF Download

On October 29, 2012, Hurricane Sandymade landfall, causing an estimated$65 billion in damage. SBA administersthe Disaster Loan Program, whichprovides physical disaster loans (usedto rebuild or replace damagedproperty) and economic injury disasterloans (used for working capital untilnormal operations resume) to helpbusinesses and individual homeownersrecover from disasters. In theaftermath of Hurricane Sandy,Congress passed the Disaster ReliefAppropriations Act of 2013, whichappropriated $779 million to SBA fordisaster loans and administrativeexpenses.GAO was asked to review SBA'sassistance to small businessesfollowing Hurricane Sandy. This reportexamines (1) the timeliness of SBA'sdisaster assistance to smallbusinesses; (2) the loan approval ratesfor small businesses and reasons fordecline for Hurricane Sandy andprevious disasters; and (3) the extentto which SBA has implementedprograms mandated by the SmallBusiness Disaster Response and LoanImprovements Act of 2008. GAOanalyzed SBA data on applicationprocessing; reviewed documentationrelated to SBA's planning, relevantlegislation, and regulations; andinterviewed SBA officials.