[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 408 Introduced in Senate (IS)]







107th CONGRESS
  1st Session
                                 S. 408

To provide emergency relief to small businesses affected by significant 
                 increases in the price of electricity.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 27, 2001

 Mrs. Boxer (for herself and Mrs. Feinstein) introduced the following 
   bill; which was read twice and referred to the Committee on Small 
                                Business

_______________________________________________________________________

                                 A BILL


 
To provide emergency relief to small businesses affected by significant 
                 increases in the price of electricity.

    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 Electricity Emergency 
Relief Act of 2001''.

SEC. 2. SMALL BUSINESS ELECTRICITY DISASTER LOAN PROGRAM.

    Section 7(b) of the Small Business Act (15 U.S.C. 636(b)) is 
amended by inserting after paragraph (3) the following:
            ``(4)(A) In this paragraph, the term `sharp and significant 
        increase' shall have the meaning given that term by the 
        Administrator, in consultation with the Secretary of Energy.
            ``(B) The Administration may make such disaster loans, 
        including revolving lines of credit, 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 has suffered or that is 
        likely to suffer substantial economic injury as the result of a 
        sharp and significant increase in the price of electricity.
            ``(C) Any loan or guarantee extended pursuant to this 
        paragraph shall be made at the same interest rate as economic 
        injury loans under paragraph (2).
            ``(D) No loan may be made under this paragraph, either 
        directly or in cooperation with banks or other lending 
        institutions through agreements to participate on an immediate 
        or deferred basis, if the total amount outstanding and 
        committed to the borrower under this subsection would exceed 
        $1,500,000, unless such applicant constitutes a major source of 
        employment in its surrounding area, as determined by the 
        Administration, in which case the Administration, in its 
        discretion, may waive the $1,500,000 limitation.
            ``(E) For purposes of assistance under this paragraph--
                    ``(i) a declaration of a disaster area shall be 
                required, and shall be made by the President or the 
                Administrator; or
                    ``(ii) if no declaration has been made pursuant to 
                clause (i), the Governor of a State in which a sharp 
                and significant increase in the price of electricity 
                has occurred may certify to the Administration that 
                small business concerns have suffered economic injury 
                as a result of such increase and are in need of 
                financial assistance which is not available on 
                reasonable terms in that State, and upon receipt of 
                such certification, the Administration may make such 
                loans as would have been available under this paragraph 
                if a disaster declaration had been issued.''.

SEC. 3. GUIDELINES.

    Not later than 30 days after the date of enactment of this Act, the 
Administrator of the Small Business Administration shall issue such 
guidelines as the Administrator determines to be necessary to carry out 
this Act and the amendments made by this Act.

SEC. 4. EFFECTIVE DATE.

    The amendments made by this Act shall apply to economic injury 
suffered or likely to be suffered as the result of sharp and 
significant increases in the price of electricity occurring on or after 
June 1, 2000.
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