[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2687 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 2687

    To amend the Small Business Act to reduce the interest rates on 
disaster loans provided by the Small Business Administration for losses 
                resulting from flooding in the Midwest.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 21, 1993

   Mr. Wheat (for himself, Ms. Danner, Mr. Emerson, Mr. Skelton, Mr. 
  Volkmer, Mr. Clay, and Mr. Gephardt) introduced the following bill; 
         which was referred to the Committee on Small Business

_______________________________________________________________________

                                 A BILL


 
    To amend the Small Business Act to reduce the interest rates on 
disaster loans provided by the Small Business Administration for losses 
                resulting from flooding in the Midwest.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. REDUCTION OF INTEREST RATES ON SBA DISASTER LOANS.

    (a) Interest Rate.--Section 7(c) of the Small Business Act (16 
U.S.C. 636(c)) is amended by adding at the end the following new 
paragraph:
    ``(8)(A) The interest rate on the Federal share of any loan made 
under subsection (b)(1) or (b)(2) for losses resulting from flooding in 
the Midwest during the period beginning on June 1, 1993, and ending on 
May 31, 1994, shall be 1 percent per year.
    ``(B) With respect to any loan described in subparagraph (A) which 
is outstanding on the date of the enactment of this paragraph, the 
Administrator shall make such change in the interest rate on the 
balance of such loan as is required under subparagraph (A) effective as 
of such date of enactment.''.
    (b) Conforming Amendment.--Section 7(c)(5) of such Act is amended 
by inserting ``except as provided by paragraph (8),'' after ``October 
1, 1982,''.

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