[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3011 Introduced in House (IH)]
107th CONGRESS
1st Session
H. R. 3011
To authorize the Administrator of the Small Business Administration to
make loans to certain concerns that suffered economic and other injury
as a result of the terrorist attacks against the United States that
occurred on September 11, 2001, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
October 3, 2001
Ms. Velazquez (for herself, Mr. Davis of Illinois, Mr. Pascrell, Mrs.
Christensen, Mr. Brady of Pennsylvania, Mr. Gonzalez, Mrs. Napolitano,
Mr. Phelps, Mrs. Jones of Ohio, Mr. Udall of New Mexico, Mr. Udall of
Colorado, Mr. Baird, Mr. Ross, Mr. Langevin, Mr. Carson of Oklahoma,
Mr. Acevedo-Vila, Mr. Allen, Mr. Kennedy of Rhode Island, Mr. Pallone,
Mr. Andrews, Mr. Owens, Mr. Weiner, and Ms. Millender-McDonald)
introduced the following bill; which was referred to the Committee on
Small Business
_______________________________________________________________________
A BILL
To authorize the Administrator of the Small Business Administration to
make loans to certain concerns that suffered economic and other injury
as a result of the terrorist attacks against the United States that
occurred on September 11, 2001, and for other purposes.
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 ``Small Business Emergency Relief Act
of 2001''.
SEC. 2. LOANS FOR DISASTER OF SEPTEMBER 11, 2001.
(a) In General.--The Administrator of the Small Business
Administration may make loans under section 7(b) of the Small Business
Act (15 U.S.C. 636(b)) to small business concerns and other entities
made eligible under subsection (b) that were injured as a result of the
terrorist attacks against the United States that occurred on September
11, 2001.
(b) Special Rules.--Notwithstanding the requirements of section
7(b) of the Small Business Act (15 U.S.C. 636(b)), the following
special rules apply to loans described in subsection (a):
(1) Purpose of loans.--The Administrator may make such
loans for--
(A) repair, rehabilitation, refinancing, or
replacement of damaged or destroyed real or personal
property; and
(B) any economic injury.
(2) Interest rate.--The Administrator may charge interest
on any such loan. Such charge may not exceed a rate of 4
percent per year.
(3) Amount of loans.--For the purpose of such loans, if the
Administrator considers it necessary or appropriate, the
Administrator may waive the $1,500,000 limitation on the total
amount that can be outstanding and committed to a concern under
section 7(b) of the Small Business Act (15 U.S.C. 636(b)).
(4) Credit elsewhere.--The Administrator may make such
loans without regard to the ability of a small business concern
to obtain credit elsewhere.
(5) Waiver of size standards.--For the purpose such loans,
if the Administrator determines it to be necessary or
appropriate, the Administrator may waive any size standard
established under section 3(a)(2) of the Small Business Act (15
U.S.C. 632(a)(2)) with respect to a business concern that does
not exceed 150 percent (or, in the case of a financial
institution, 200 percent) of each size standard applicable to
such concern.
(6) Charitable organizations.--The Administrator may make
such a loan to any charitable organization as the Administrator
determines necessary or appropriate.
(c) Termination.--The Administrator may not make a loan pursuant to
the special rules of this section after the end of the 1-year period
beginning on the date of the enactment of this Act.
SEC. 3. LOAN FORGIVENESS.
(a) In General.--Upon application by a small business concern which
is the recipient of a loan made under the Small Business Act (15 U.S.C.
631 et seq.) and which has suffered a substantial economic injury as a
result of the terrorist attacks against the United States that occurred
on September 11, 2001, the Administrator may undertake all or part of
the small business concern's obligation to make the required payments
under such loan, or may forgive all or part of such obligation if the
loan was a direct loan made by the Administrator, if, and to the extent
that, the Administrator considers such undertaking or forgiveness to be
necessary or appropriate.
(b) Termination.--The Administrator may not forgive or undertake
any loan under subsection (a) after the end of the 1-year period
beginning on the date of the enactment of this Act.
SEC. 4. PROHIBITION ON SALE OF DISASTER LOANS.
Section 4 of the Small Business Act (15 U.S.C. 633) is amended by
adding at the end the following:
``(g) Prohibition on Sale of Disaster Loans.--The Administrator may
not sell any portion of the Administration's interest in, or the rights
of the Administration with respect to, any loan made directly or
through immediate participation under section 7(b), including by direct
sale, through the sale of loan participations, or by including such
loans in a pool of assets for the purpose of selling asset-backed
securities.''.
SEC. 5. DEFINITIONS.
For purposes of this Act:
(1) Administrator.--The term ``Administrator'' means the
Administrator of the Small Business Administration.
(2) Charitable organization.--The term ``charitable
organization'' means an organization described in section
501(c)(3) of the Internal Revenue Code of 1986.
(3) Credit elsewhere.--The term ``credit elsewhere'' has
the meaning given such term in section 3(h) of the Small
Business Act (15 U.S.C. 632(h)).
(4) Small business concern.--The term ``small business
concern'' has the meaning given such term in section 3(a) of
the Small Business Act (15 U.S.C. 632(a)).
(5) Substantial economic injury.--The term ``substantial
economic injury'' has the meaning given such term in section
7(b)(3)(A)(iii) of the Small Business Act (15 U.S.C.
636(b)(3)(A)(iii)).
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