H.R. 2397: Authorizes use of SBA loans to build storm shelters
The Tornado Family Safety Act of 2015 helps clarify that SBA disaster loans may be used by homeowners to construct safe rooms in their rebuilt homes.
Representative Tom Cole (Oklahoma District 4 which includes Moore, OK) introduced the “Tornado Family Safety Act of 2015 on May 18th. The bill was then referred to the House Small Business Committee. The idea behind the bill would be to clearly allow for Small Business Administration Disaster Loans to be used to build storm safe room shelters as homeowners rebuild homes devastated by severe weather. Currently safe rooms meeting FEMA and ICC (International Code Council) standards cost anywhere between $3,000 and $12,000 to install.
Though as of May 21st, 2015 the text of the bill is not available, it will be interesting to note if businesses will also be eligible for these funds. Locally, many severe weather incidents occur in the late afternoon-evening timeframes and people tend to be away from their homes at that time. If these funds are made available to businesses re-building after a storm strikes, it would undoubtedly be beneficial to business owners given the scene experienced several years ago in Joplin, Missouri. (See our post asking whether safe rooms are now the new standard of care here.)
Read the Full Article here.
See the bill’s status in congress here.