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Quake disaster loan fund eyed for expansion amid delays
The Small Business Administration faces Senate scrutiny as loan applications for Los Angeles quake damage surge, with about 4000 weekly repairs funded. Critics call the program a Christmas club while officials warn the bill could reach a billion dollars. Officials note many loans fund plaster repairs and that some borrowers may use funds for vehicles. The subcommittee weighs a further 150 million to cover immediate needs and closer monitoring.
MENTIONED IN THIS ARTICLE
Associated Press
Washington
Fed
Business Administration
Los Angeles
Senate
Kleppe
Subcommittee
John K. McClellan
D-Ark
SBA