II 112th CONGRESS 1st Session S. 1709 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.

1.

Short title

This Act may be cited as the Small Business Disaster Assistance Act of 2011.

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).