[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3085 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 3085

To authorize the Administrator of the Small Business Administration to 
make direct loans to small business concerns that suffered substantial 
economic injury as a result of the terrorist attacks against the United 
              States that occurred on September 11, 2001.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 11, 2001

  Mrs. Kelly 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 direct loans to small business concerns that suffered substantial 
economic injury as a result of the terrorist attacks against the United 
              States that occurred 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 ``Economic Recovery for Small 
Businesses Act''.

SEC. 2. SEPTEMBER 11TH DISASTER LOAN PROGRAM.

    (a) In General.--The Administrator of the Small Business 
Administration may make direct loans as the Administrator determines to 
be necessary or appropriate to any small business concern that the 
Administrator determines has suffered substantial economic injury as a 
result of the terrorist attacks against the United States that occurred 
on September 11, 2001.
    (b) Termination of Authority.--The Administrator may not make a 
loan under subsection (a) after the end of the 3-year period beginning 
on the date of the enactment of this Act.
    (c) Interest Rate.--The Administrator shall charge interest on any 
loan made under subsection (a) at a rate of 1 percent per year.
    (d) Term of Loans.--The Administrator may not make a loan under 
subsection (a) for a period or periods, including renewals and 
extensions, that exceeds 7 years.
    (e) Maximum Amount of Loans.--
            (1) Limit per small business concern.--The Administrator 
        may not make a loan to a small business concern under 
        subsection (a) if the total amount outstanding and committed to 
        the small business concern under subsection (a) would exceed 
        $1,500,000.
            (2) Limit on total.--The total amount of all loans made 
        under subsection (a) may not exceed $10,000,000,000.
    (f) Credit Elsewhere.--The Administrator may make loans under 
subsection (a) without regard to whether the small business concern is 
able to obtain credit elsewhere.
    (g) Coordination With Small Business Act.--
            (1) In general.--Except as otherwise provided in this 
        section, the Administrator may administer the loans made under 
        subsection (a) in the same manner as loans made under section 
        7(b)(2) of the Small Business Act (15 U.S.C. 636(b)).
            (2) Separate loan limits.--Notwithstanding paragraph (1), 
        the total amount outstanding and committed to a borrower under 
        subsection (a) shall not be treated as outstanding and 
        committed to such borrower under section 7 of the Small 
        Business Act (15 U.S.C. 636(b)).
            (3) Financial institutions.--Notwithstanding paragraph (1), 
        the Administrator may make loans under subsection (a) to small 
        business concerns described in subsectors 522, 523, and 524 of 
        the North American Industry Classification System codes (as 
        described in section 121.201 of title 13, Code of Federal 
        Regulations, as in effect on January 2, 2001).
    (h) Definitions.--For purposes of this section:
            (1) 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)).
            (2) 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)).
            (3) 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)).
    (i) Authorization of Appropriations.--There are authorized to be 
appropriated such sums as may be necessary to carry out this section, 
which sums shall remain available until expended.
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