[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3007 Introduced in House (IH)]
107th CONGRESS
1st Session
H. R. 3007
To provide economic relief to general aviation small business concerns
that have suffered substantial economic injury as a result of the
terrorist attacks perpetrated against the United States on September
11, 2001.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
October 3, 2001
Mr. Shuster (for himself, Mr. Ehlers, Mr. Hayes, Mr. Boswell, Mr.
Peterson of Minnesota, Mr. Lampson, Mr. Otter, Mrs. Kelly, and Mr.
Duncan) introduced the following bill; which was referred to the
Committee on Small Business, and in addition to the Committee on Ways
and Means, for a period to be subsequently determined by the Speaker,
in each case for consideration of such provisions as fall within the
jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To provide economic relief to general aviation small business concerns
that have suffered substantial economic injury as a result of the
terrorist attacks perpetrated against the United States on September
11, 2001.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``General Aviation Small Business
Relief Act of 2001''.
SEC. 2. SMALL BUSINESS ASSISTANCE.
(a) In General.--Section 7(b) of the Small Business Act (15 U.S.C.
636(b)) is amended by adding after paragraph (3) the following:
``(4) General aviation small business relief.--
``(A) Grant and loan authority.--Notwithstanding
any other provision of law, the Administration--
``(i) shall, upon application, make grants
to general aviation small business concerns in
an amount equal to the amount of direct losses
incurred by each such small business concern
beginning on September 11, 2001, as a result of
any Federal ground stop order issued by the
Secretary of Transportation or any subsequent
order which continues or renews such a stoppage
related to the terrorist attacks occurring on
September 11, 2001, with respect to general
aviation small business concerns;
``(ii) may make such loans (either directly
or in cooperation with banks or other lending
institutions through agreements to participate
on an immediate or deferred basis) to assist a
small business concern that--
``(I) is a general aviation small
business concern; and
``(II) has suffered or that is
likely to suffer as a result of the
terrorist attacks perpetrated against
the United States on September 11,
2001, substantial economic injury that
is not incidental to the revenue of
that small business concern and is not
compensated for by insurance or
otherwise.
``(B) Terms.--With respect to a loan under this
paragraph--
``(i) no interest rate shall apply to the
loan, and no interest shall accrue on the loan,
during the 1-year period beginning on the date
on which the loan is issued; and
``(ii) after the 1-year period described in
clause (i), the applicable interest rate and
other terms and conditions shall be the same as
the interest rate and other terms and
conditions as are applicable to economic injury
loans under paragraph (2).
``(D) No effect on loan limits.--A grant or loan
under this paragraph shall be in addition to any other
grant or loan made under this Act, notwithstanding any
limitation on the amounts of such grants or loans under
this Act.
``(E) No disaster declaration required.--For
purposes of assistance under this paragraph, no
declaration of a disaster area shall be required.
``(F) Definitions.--In this paragraph--
``(i) the term `general aviation small
business concern' means a small business
concern that is a regular provider of general
aviation services, including aircraft rentals
and flight training instruction; and
``(ii) the term `substantial economic
injury' means an economic harm to a small
business concern that results in the inability
of the small business concern--
``(I) to meet its obligations as
they mature;
``(II) to pay its ordinary and
necessary operating expenses; or
``(III) to market, produce, or
provide a product or service ordinarily
marketed, produced, or provided by the
business concern.''.
(b) Conforming Amendments.--Section 7(b) of the Small Business Act
(15 U.S.C. 636(b)) is amended--
(1) in the second undesignated paragraph following
paragraph (4), as added by this section, by striking
``paragraphs (1), (2), and (4)'' and inserting ``paragraphs (1)
and (2)''; and
(2) in subparagraph (E) of such undesignated paragraph, by
striking ``paragraph (1), (2), or (4)'' and inserting
``paragraph (1) or (2)''.
(c) Authorization of Appropriations.--There are authorized to be
appropriated to the Small Business Administration, such sums as may be
necessary to carry out section 7(b)(4) of the Small Business Act, as
added by this section, including administrative expenses, to remain
available until expended.
SEC. 3. DEFERMENT OF SMALL BUSINESS LOAN PAYMENTS.
(a) In General.--Notwithstanding any other provision of law,
payments on any loan issued to a general aviation small business
concern by the Small Business Administration shall be deferred with
respect to principal and interest, and no interest shall accrue with
respect to such loan, during the 1-year period following the date of
enactment of this Act.
(b) Resumption of Payments.--At the end of the 1-year period
described in subsection (a), the payment of periodic installments of
principal and interest shall be required with respect to loans
described in subsection (a), in the same manner and subject to the same
terms and conditions as would otherwise be applicable to such loan.
(c) Definition.--In this section, the term ``general aviation small
business concern'' has the same meaning as in section 7(b)(4) of the
Small Business Act, as added by section 2 of this Act.
SEC. 4. EXTENSION OF DUE DATE FOR EXCISE TAX DEPOSITS.
(a) Extension of Due Date for Excise Tax Deposits.--In the case of
a general aviation small business concern, any airline-related deposit
required under section 6302 of the Internal Revenue Code of 1986 to be
made after September 10, 2001, and before November 15, 2001, shall be
treated for purposes of such Code as timely made if such deposit is
made on or before November 15, 2001. If the Secretary of the Treasury
so prescribes, the preceding sentence shall be applied by substituting
for ``November 15, 2001'' each place it appears--
(1) ``January 15, 2002''; or
(2) such earlier date after November 15, 2001, as the
Secretary of the Treasury may prescribe.
(b) Definitions.--In this section--
(1) the term ``general aviation small business concern''
has the same meaning as in section 7(b)(4) of the Small
Business Act, as added by section 2 of this Act; and
(2) the term ``airline-related deposit'' means any deposit
of taxes imposed by subchapter C of chapter 33 of the Internal
Revenue Code of 1986 (relating to transportation by air).
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