[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 3172 Considered and Passed Senate (CPS)]







107th CONGRESS
  2d Session
                                S. 3172

To improve the calculation of the Federal subsidy rate with respect to 
         certain small business loans, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           November 15, 2002

Mr. Bond (for himself, Mr. Kerry, Mr. Domenici, Mr. Conrad, Mr. Burns, 
Ms. Landrieu, Ms. Snowe, and Mr. Harkin) introduced the following bill; 
   which was read twice, considered, read the third time, and passed

_______________________________________________________________________

                                 A BILL


 
To improve the calculation of the Federal subsidy rate with respect to 
         certain small business loans, 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. SUBSIDY RATE FOR SMALL BUSINESS LOANS.

    Notwithstanding section 502(5)(F) of the Federal Credit Reform Act 
of 1990 and section 254(j) of the Balanced Budget and Emergency Deficit 
Control Act of 1985, the Director of the Office of Management and 
Budget, in calculating the Federal cost for guaranteeing loans during 
fiscal year 2003 under section 7(a) of the Small Business Act (15 
U.S.C. 636(a)) may use the most recently approved subsidy cost model 
and methodology in conjunction with the program and economic 
assumptions, and historical data which were included in the fiscal year 
2003 budget. After written notification to Congress, the Small Business 
Administration shall implement the validated, OMB-approved subsidy rate 
for fiscal year 2003, using this model and methodology. Such rate shall 
be deemed to have been effective on October 1, 2002.

SEC. 2. USE OF EMERGENCY FUNDS FOR SMALL BUSINESS LOANS.

    Chapter 2 of division B of the Department of Defense and Emergency 
Supplemental Appropriations for Recovery from and Response to Terrorist 
Attacks on the United States Act, 2002 is amended by striking ``For 
emergency expenses'' after ``business loans program account'' and 
inserting the following: ``For loan guarantee subsidies under section 
7(a) of the Small Business Act (15 U.S.C. 636(a)) or for emergency 
expenses''.
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