[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3308 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 3308

To authorize the Administrator of the Small Business Administration to 
  provide relief 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

                           November 15, 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. Ross, Mr. Baird, Mr. Langevin, Ms. Carson of Indiana, and 
Mr. Acevedo-Vila) 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 
  provide relief 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 ``American Small Business Recovery Act 
of 2001''.

SEC. 2. REDUCED INTEREST RATES ON DISASTER LOANS.

    The interest charged on any loan made under section 7(b) of the 
Small Business Act (15 U.S.C. 636(b)) may not exceed a rate of 4 
percent per year if such loan is made to an eligible small business 
concern during the 1-year period beginning on the date of the enactment 
of this Act.

SEC. 3. DISASTER GRANT AUTHORITY.

    The Administrator of the Small Business Administration may make a 
grant to any eligible small business concern during the 1-year period 
beginning on the date of the enactment of this Act.

SEC. 4. DISASTER LOAN FORGIVENESS AUTHORITY.

    (a) In General.--Upon application by an eligible small business 
concern which is the recipient of a loan made under the Small Business 
Act (15 U.S.C. 631 et seq.), the Administrator of the Small Business 
Administration may--
            (1) if the loan was guaranteed by the Administrator, 
        undertake all or part of the small business concern's 
        obligation to make payments under such loan; or
            (2) if the loan was a direct loan made by the 
        Administrator, discharge all or part of the indebtedness of the 
        small business concern under such loan.
    (b) Application Period.--The Administrator may accept applications 
under subsection (a) during the 1-year period beginning on the date of 
the enactment of this Act.

SEC. 5. ELIGIBLE SMALL BUSINESS CONCERN.

    For purposes of this Act, the term ``eligible small business 
concern'' means a small business concern (as defined in section 3(a) of 
the Small Business Act (15 U.S.C. 632(a))) that suffered substantial 
economic injury as a result of the terrorist attacks against the United 
States that occurred on September 11, 2001.
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