With Washington metropolitan area businesses bracing today for yet another round of serious wind and rain storms, we’re pleased to see that the House tomorrow will take up the Disaster Loan Fairness Act of 2012 ( HR 6296) introduced by Rep. Lou Barletta(R-PA). The legislation would lower the interest rates on Small Business Administration disaster loans and make the program simpler and more transparent.
This measure is welcomed news to the thousands of small businesses that have—or will—sustain losses because of natural disasters. And there have been many. According to Rep. Barletta, since January 2011, over 200 congressional districts have been impacted by a major disaster declared by the president. Communities in almost every state in this country have been flooded by a tropical storm or a hurricane, burned by a wildfire, crippled by a snowstorm, or destroyed by a tornado. Let’s hope no one suffers damage from today’s series of storms and rest assured that, if disaster does strike, businesses will be able to obtain the financial resources to rebuild.