[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 2777 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                S. 2777

   To repeal the American Recovery Capital loan program of the Small 
                        Business Administration.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           November 16, 2009

   Ms. Snowe introduced the following bill; which was read twice and 
    referred to the Committee on Small Business and Entrepreneurship

_______________________________________________________________________

                                 A BILL


 
   To repeal the American Recovery Capital loan program of the Small 
                        Business Administration.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. REPEAL OF AMERICAN RECOVERY CAPITAL LOAN PROGRAM.

    (a) In General.--Section 506 of division A of the American Recovery 
and Reinvestment Act of 2009 (Public Law 111-5; 123 Stat. 157) is 
repealed.
    (b) Return of Funds.--Any unobligated balances of the amounts 
appropriated under the heading ``Business Loans Program Account'' under 
the heading ``SMALL BUSINESS ADMINISTRATION'' under title V of division 
A of the American Recovery and Reinvestment Act of 2009 (Public Law 
111-5; 123 Stat. 151) for loan subsidies and loan modifications for 
loans to small business concerns authorized in section 506 of division 
A of the American Recovery and Reinvestment Act of 2009 are rescinded.
    (c) Applicability.--Any loan guarantee under section 506 of 
division A of the American Recovery and Reinvestment Act of 2009 
entered into before the date of enactment of this Act, shall remain in 
full force and effect under the terms, and for the duration, of the 
loan guarantee.
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