[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 2986 Introduced in Senate (IS)]

111th CONGRESS
  2d Session
                                S. 2986

To authorize the Administrator of the Small Business Administration to 
waive interest for certain loans relating to damage caused by Hurricane 
      Katrina, Hurricane Rita, Hurricane Gustav, or Hurricane Ike.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            February 4, 2010

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

_______________________________________________________________________

                                 A BILL


 
To authorize the Administrator of the Small Business Administration to 
waive interest for certain loans relating to damage caused by Hurricane 
      Katrina, Hurricane Rita, Hurricane Gustav, or Hurricane Ike.

    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 ``Southeast Hurricanes Small Business 
Disaster Relief Act of 2010''.

SEC. 2. DEFINITIONS.

    In this Act--
            (1) the terms ``Administration'' and ``Administrator'' mean 
        the Small Business Administration and the Administrator 
        thereof, respectively;
            (2) the term ``covered disaster loan'' means a loan--
                    (A) made under section 7(b) of the Small Business 
                Act (15 U.S.C. 636(b));
                    (B) for damage or injury caused by Hurricane 
                Katrina of 2005, Hurricane Rita of 2005, Hurricane 
                Gustav of 2008, or Hurricane Ike of 2008; and
                    (C) made to a business located in a declared 
                disaster area;
            (3) the term ``declared disaster area'' means an area in 
        the State of Louisiana, the State of Mississippi, or the State 
        of Texas for which the President declared a major disaster 
        under section 401 of the Robert T. Stafford Disaster Relief and 
        Emergency Assistance Act (42 U.S.C. 5170) relating to Hurricane 
        Katrina of 2005, Hurricane Rita of 2005, Hurricane Gustav of 
        2008, or Hurricane Ike of 2008;
            (4) the term ``program'' means the Southeast Hurricanes 
        Small Business Disaster Relief Program established under 
        section 3; and
            (5) the term ``small business concern'' has the meaning 
        given that term under section 3(a) of the Small Business Act 
        (15 U.S.C. 632(a)).

SEC. 3. SOUTHEAST HURRICANES SMALL BUSINESS DISASTER RELIEF PROGRAM.

    (a) Program Established.--Subject to the availability of 
appropriations, the Administrator shall establish a Southeast 
Hurricanes Small Business Disaster Relief Program, under which the 
Administrator may waive payment of interest by a business on a covered 
disaster loan--
            (1) for not more than 3 years; and
            (2) in a total amount of not more than $15,000.
    (b) Priority of Applications.--The Administrator shall, to the 
extent practicable, give priority to an application for a waiver of 
interest under the program by a small business concern--
            (1) with not more than 50 employees; or
            (2) that resumed business operations in--
                    (A) a declared disaster area relating to Hurricane 
                Katrina of 2005 or Hurricane Rita of 2005, during the 
                period beginning on September 1, 2005, and ending on 
                October 1, 2006; or
                    (B) a declared disaster area relating to Hurricane 
                Gustav of 2008 or Hurricane Ike of 2008, during the 
                period beginning on September 1, 2008, and ending on 
                January 1, 2009.
    (c) Termination of Program.--The Administrator may not approve an 
application under the program after December 31, 2010.

SEC. 4. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated to the Administrator such 
sums as may be necessary to carry out this Act.
                                 <all>