U.S. Senator Tim Scott has announced plans to introduce new legislation that would require the Small Business Administration to provide public reports on its accounts and funding. The proposal comes as the SBA’s disaster loan account has been depleted following Hurricanes Helene and Milton. Scott is working with officials from multiple states affected by the hurricanes to ensure timely federal assistance. His bill aims to enhance transparency and accountability within the SBA, similar to FEMA’s practices with its Disaster Relief Fund. Despite the account being empty, the SBA is still accepting loan applications and hopes to resume lending once Congress approves more disaster funds in the coming weeks. Scott’s focus on providing timely assistance during disasters and preventing funding shortfalls highlights the importance of proper financial oversight in times of crisis.
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