[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 1709 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                S. 1709

    To temporarily reduce interest rates for certain small business 
                disaster loans, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            October 13, 2011

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

_______________________________________________________________________

                                 A BILL


 
    To temporarily reduce interest rates for certain small business 
                disaster loans, and for other purposes.

    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 Disaster Assistance 
Act of 2011''.

SEC. 2. REDUCTION OF INTEREST RATES.

    (a) Amendment.--Section 7(d) of the Small Business Act (15 U.S.C. 
636(d)) is amended--
            (1) in paragraph (4), by striking ``Notwithstanding'' and 
        inserting ``Except as provided in paragraph (8) and 
        notwithstanding'';
            (2) in paragraph (5), by striking ``Notwithstanding'' and 
        inserting ``Except as provided in paragraph (8) and 
        notwithstanding''; and
            (3) by adding at the end the following:
    ``(8) Property Damage to Businesses.--The interest rate on the 
Federal share of any loan under subsection (b)(1) made to a business 
concern on or after August 26, 2011, shall be--
            ``(A) 1 percent per year, in the case of a business concern 
        unable to obtain credit elsewhere; and
            ``(B) 3 percent per year, in the case of a business concern 
        able to obtain credit elsewhere.''.
    (b) Prospective Repeal.--Effective September 30, 2014, section 7(d) 
of the Small Business Act (15 U.S.C. 636(d)), as amended by subsection 
(a) is amended--
            (1) in paragraph (4), by striking ``Except as provided in 
        paragraph (8) and notwithstanding'' and inserting 
        ``Notwithstanding'';
            (2) in paragraph (5), by striking ``Except as provided in 
        paragraph (8) and notwithstanding'' and inserting 
        ``Notwithstanding''; and
            (3) by striking paragraph (8).
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