COLUMBIA, S.C. - U.S. Senator Tim Scott has announced his intentions to introduce new legislation that will require the Small Business Administration to provide public reports on its accounts and funding. The proposal comes on the heels of an announcement by the SBA that its disaster loan account has been depleted.

Scott is teaming up with elected officials from other states, as thousand continue to recover in the aftermath of Hurricane Helene and Milton.

“Residents in South Carolina, North Carolina, Tennessee, Georgia, and Florida affected by Hurricanes Helene and Milton are counting on us for urgent federal assistance,” said Senator Scott. “As we work to provide much-needed support, we must also ensure that Congress and the American people are never caught off guard by funding shortfalls. My bill will mandate that the Small Business Administration publicly report on the status of the Disaster Loan Account, similar to FEMA’s transparency with its Disaster Relief Fund. This will enhance accountability and enable Congress to provide timely assistance during disasters well before funds are depleted.”

While the account is currently empty, the SBA is still accepting loan applications. The hope is to resume lending when Congress approves more disaster funds in the coming weeks.