II 111th CONGRESS 1st Session S. 2777 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.

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Section 506 of division A of the American Recovery and Reinvestment Act of 2009 (Public Law 111–5; 123 Stat. 157) is repealed.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business concerns authorized in section 506 of division A of the American Recovery and Reinvestment Act of 2009 are rescinded.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.