Small Business Disaster Damage Fairness Act of 2024

HR 9611, the Small Business Disaster Damage Fairness Act of 2024, increases the collateral requirement threshold for small business disaster loans under the Small Business Act from $14,000 to $50,000 and removes the "major" disaster requirement, meaning more small businesses affected by any disaster (not just major ones) will qualify for loans without needing to provide collateral. The bill directly affects small businesses seeking SBA disaster loans by reducing their collateral burden. It requires the Government Accountability Office (GAO) to report on loan default rates and the impact of these collateral changes within three years of enactment, covering loans from September 2020 through two years after the bill's passage. This focuses on concrete changes to loan eligibility and accountability, not on predicted outcomes.