To provide for a limitation on availability of funds for Independent Agencies, Small Business Administration, Disaster Loan Program for fiscal year 2024.
Impact
The bill's restriction on funding is anticipated to significantly impact small businesses that rely on assistance from disaster loan programs. By capping funding at $10 million, it may limit the ability of the Small Business Administration to adequately support businesses affected by disasters, potentially resulting in adverse effects for those industries most vulnerable to natural calamities. Proponents of the bill argue that it is a necessary measure to control government expenditures and encourage fiscal responsibility within independent agencies.
Summary
House Bill 2149 aims to impose a strict limitation on the availability of funds allocated for the Independent Agencies and the Small Business Administration's Disaster Loan Program for the fiscal year 2024. Specifically, the legislation stipulates that the total amount accessible cannot exceed $10,000,000. This measure is a response to the ongoing need to regulate federal spending, particularly in the wake of various economic challenges that necessitate a review of how government resources are allocated to support small businesses during disasters.
Contention
There are notable points of contention surrounding HB2149. Advocates for small businesses may view the funding limitations as too severe, jeopardizing the support available for affected entities in times of crisis. Critics may argue that such constraints on funding could hamper recovery efforts after disasters, elevating concerns regarding the adequacy of federal resources during heightened emergency situations. The contrasting views on the necessity of budgetary limitations versus the urgency of robust disaster recovery funding reflect a broader debate about government spending priorities.
Post-Disaster Assistance Online Accountability Act This bill establishes a centralized location to publish information on disaster assistance provided by federal agencies. The Small Business Administration, the Department of Housing and Urban Development, and any agencies providing disaster assistance must make available to the public on a quarterly basis information regarding (1) the total amount of assistance provided by the agency; (2) the amount provided that was expended or obligated; and (3) all projects or activities for which assistance was expended, obligated, or used.
Emergency and Disaster Preparedness for Farm Animals Act This bill requires producers to develop disaster preparedness plans that include adverse weather plans to be eligible for livestock indemnity payments and emergency loans due to adverse weather under certain agricultural disaster assistance programs.
Small Business Prosperity Act of 2023 This bill modifies the tax deduction for qualified business income to (1) make such deduction permanent, (2) limit to 21% the top tax rate on qualified business income, (3) repeal the limitation on the deduction based on amount of wages paid, and (4) revise the definition of qualified trade or business to mean any trade or business other than the trade of business of performing services as an employee. The bill provides that a change in the organizational structure of a corporation is not a taxable event if there is no change among the owners, their ownership interests, or the assets of the organization, The bill repeals the estate tax after 2022.
Federal Disaster Assistance Coordination Act This bill extends the deadline by which the Federal Emergency Management Agency (FEMA) must (1) conduct a study and develop a plan under which the collection of information from disaster assistance applicants and grantees will be made less burdensome, duplicative, and time consuming for applicants and grantees; and (2) develop a plan for the regular collection and reporting of information on federal disaster assistance awarded. Not later than two years after enactment of this bill, FEMA shall convene a working group on a regular basis to identify (1) potential areas of duplication or fragmentation in preliminary damage assessments after disaster declarations; and (2) potential emerging technologies, such as Unmanned Aircraft Systems (i.e., drones), to expedite the administration of preliminary damage assessments. FEMA must submit a comprehensive report on the plans for streamlining and consolidating information collection and preliminary damage assessments and the findings and recommendations of the working group to Congress with a briefing. The report must be made available to the public and posted on FEMA's website.