S.690 - Federal Government - A bill to amend the Small Business Act to authorize the Administrator of the Small Business Administration to waive the prohibition on duplication of certain disaster relief assistance.

Catastrophic Disaster Recovery Improvements Act of 2007 - Amends the Small Business Act to authorize the Administrator of the Small Business Administration (SBA), in providing SBA disaster relief assistance, to waive the prohibition on the duplication of benefits, including whether damage or destruction has been compensated for, credit is available from, or funds have been made available from any other source.

Applies such amendment to any SBA assistance provided on or after August 29, 2005 (thereby ensuring applicability and retroactivity for victims of Hurricanes Katrina, Rita, and Wilma).