Fixing the Disaster Loan Logjam Before the Next Hurricane Sandy

Debris from damaged businesses and boardwalk in Seaside Heights, New Jersey on Nov. 22, 2012 Photograph by Mel Evans/AP Photo

After hurricanes Katrina, Rita, and Wilma laid waste to the Gulf Coast in 2005, the average wait time for a Small Business Administration disaster loan was 61 days. By fiscal year 2012, the SBA had cut wait times by three-quarters. Applications related to Hurricane Sandy were another story, according to a report today from a federal task force, averaging 42 days from submission to approval.

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