S. 371 — SBA Disaster Transparency Act

This section requires the Small Business Administration (SBA) Administrator to publish on the SBA website, in addition to submitting to congressional committees, reports on the operation of the disaster loan program under section 7(b) (15 U.S.C. 636)—which provides direct loans to businesses, homeowners, renters, and nonprofits to repair or replace property damaged by declared disasters—including (1) monthly accounting reports for major disasters detailing lending volume, funding spent and available for loans and administrative costs, staffing levels, and projected funding duration; (2) weekly updates for presidentially declared disasters; (3) weekly updates for other disasters declared by SBA; and (4) reports on disaster loan administrative expenses. (Thus, these reports become publicly available.)