I 110th CONGRESS 2d Session H. R. 6922 IN THE HOUSE OF REPRESENTATIVES September 17, 2008 Mr. Baird (for himself, Mr. DeFazio, Mr. Dicks, Mr. Salazar, and Ms. Herseth Sandlin) introduced the following bill; which was referred to the Committee on Small Business A BILL To amend the Small Business Act to provide low-interest loans to small business concerns providing transportation services to assist them in dealing with high motor fuel prices.

1.

Assistance to small businesses engaged in providing transportation services

(a)

In general

Section 7(b) of the Small Business Act (15 U.S.C. 636(b)) is amended by inserting after paragraph (9) the following new paragraph: (10)

Fuel cost assistance for concerns engaged in providing transportation services

(A)

In general

The Administration may make disaster loans under this subsection (either directly or in cooperation with banks or other lending institutions through agreements to participate on an immediate or deferred basis) to assist an eligible small business concern that has suffered or that is likely to suffer substantial economic injury as the result of increases in the price of gasoline or diesel fuel. (B)

Eligible small business concern

For purposes of this paragraph, the term eligible small business concern means any small business concern engaged in the transportation of persons or property for hire. (C)

Interest rate

Any loan or guarantee extended pursuant to this paragraph shall be made— (i)without regard to whether the applicant is able to obtain credit elsewhere, and (ii)at the same interest rate as economic injury loans under paragraph (2). (D)

Maximum assistance

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 paragraph would exceed $250,000, unless such applicant constitutes, or have become due to changed economic circumstances, 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 $250,000 limitation. (E)

No disaster declaration required

For purposes of assistance under this paragraph, no declaration of a disaster area shall be required. (F)

Period loans are available

This paragraph shall apply to loans made during the 2-year period beginning on the date of the enactment of this paragraph. . (b)

Conforming amendment

Section 4(c) of such Act (15 U.S.C. 633(c)) is amended— (1)by inserting 7(b)(10), after 7(b)(4), in paragraph (1), and (2)by inserting 7(b)(10), after 7(b)(8), in paragraph (2).