Marco Rubio continues fight to re-authorize SBA’s disaster mitigation pilot program
Last week, US Senator Marco Rubio, R-Fla., Which leads the Republicans on the US Senate Committee on Small Business and Entrepreneurship, brought back the “Provision of Resources for Civil Protection and Resilient Businesses Act. “
Rubio first introduced the bill in September with US Senator Angus King, I-Maine, as the primary co-sponsor. Other supports include US Sens. Ben cardin, D-Mary., Susan collins, R-Maine, Joni Ernst, R-Iowa, John kennedy, R-Lous., And Ron Wyden, D-Oreg. Cardin heads the small business committee.
“The legislation would re-authorize the Small Business Administration (SBA) Disaster Reduction Pilot Program to give small businesses the opportunity to take out low-interest loans to proactively implement disaster prevention measures.” ‘mitigation to protect their assets from future disaster damage. ” Rubio’s desk noted.
The bill “creates an updated pre-disaster mitigation program for small businesses to proactively take out a low-interest loan (up to $ 500,000) to implement measures mitigation to protect their property from future disaster damage ”and authorizes $ 25 million annually for the next five years. The bill would also have the SBA do more awareness about pre-disaster mitigation and offer advice to those who use the loans.
“Small US businesses should be able to prepare for unforeseen disasters,” Rubio said Thursday as he reintroduced the bill. “The PREPARE Act would give small businesses the opportunity to invest in mitigation before a disaster strikes, saving businesses and taxpayers money and reducing potential property damage.
“Over the past few years, we have seen an increasing number of natural disasters plunging communities into chaos,” King said. “In light of these growing challenges, it’s absolutely critical that we help small businesses take action to stay ahead of these predictable threats and protect themselves from potential natural disasters. This law encourages proactive efforts to prepare for emergencies and enables these small businesses to weather any storm that may arise and ensure they can continue to serve our communities. Our bipartisan legislation will only gain in importance as the effects of climate change continue to alter our nation; let’s get past it now, so small businesses in cities across Maine and across America can prepare for the next crisis. It’s not a question of “if” but “when”, so let’s help our small businesses protect themselves. “
the Association of Maritime Retailers of the Americas, the National Association of Manufacturers of Marine Products, the Association of Marina Industries and the South Florida Maritime Industries Association support the proposal.
The bill was sent to the small business committee on Thursday.
Home of the United States, Rep. American Joseph Morelle, D-NY, presented a similar proposal in July, bringing together ten cosponsors including US Representatives Brian Mast, R-Fla., And Stephanie Murphy, D-Fla. Nightshade will once again be the champion of the companion measure.
“Our community knows only too well how devastating flooding can be for local businesses – many of which are already grappling with the severe financial consequences of COVID-19,” Morelle said Thursday. “It’s more important than ever that we take preventative measures to prepare for future floods and protect our small businesses from further economic hardship. Strong mitigation efforts are key to our resilience, and that is why I am so proud to join with my colleagues in bringing forward this much needed legislation and helping to strengthen coastal communities.
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