[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 653 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                 S. 653

  To allow the Administrator of the Small Business Administration to 
create or save jobs by providing interest relief on certain outstanding 
    disaster loans relating to damage caused by the 2005 Gulf Coast 
             hurricanes or the 2008 Gulf Coast hurricanes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 28, 2011

Ms. Landrieu (for herself, Mr. Wicker, and Mr. Cochran) introduced the 
 following bill; which was read twice and referred to the Committee on 
                  Small Business and Entrepreneurship

_______________________________________________________________________

                                 A BILL


 
  To allow the Administrator of the Small Business Administration to 
create or save jobs by providing interest relief on certain outstanding 
    disaster loans relating to damage caused by the 2005 Gulf Coast 
             hurricanes or the 2008 Gulf Coast hurricanes.

    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 2011''.

SEC. 2. SOUTHEAST HURRICANES SMALL BUSINESS DISASTER RELIEF PROGRAM.

    (a) In General.--Section 12086 of the Food, Conservation, and 
Energy Act of 2008 (Public Law 110-234; 122 Stat. 1422) is amended to 
read as follows:

``SEC. 12086. SOUTHEAST HURRICANES SMALL BUSINESS DISASTER RELIEF 
              PROGRAM.

    ``(a) Definitions.--In this section--
            ``(1) the term `covered area' means an area in the State of 
        Louisiana, the State of Mississippi, the State of Alabama, or 
        the State of Texas for which the President declared a major 
        disaster relating to Hurricane Katrina of 2005, Hurricane Rita 
        of 2005, Hurricane Gustav of 2008, or Hurricane Ike of 2008;
            ``(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 covered area;
            ``(3) the term `Deepwater Horizon oil spill' means the 
        blowout and explosion of the mobile offshore drilling unit 
        Deepwater Horizon that occurred on April 20, 2010, and 
        resulting hydrocarbon releases into the environment; and
            ``(4) the term `program' means the Southeast Hurricanes 
        Small Business Disaster Relief Program established under 
        subsection (b).
    ``(b) 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.
    ``(c) Priority of Applications.--The Administrator shall, to the 
extent practicable, give priority to an application for a waiver of 
payment of interest under the program by a small business concern--
            ``(1) with not more than 50 employees;
            ``(2) that demonstrates substantial economic injury as a 
        result of the Deepwater Horizon oil spill; or
            ``(3) that resumed business operations--
                    ``(A) during the period beginning on September 1, 
                2005 and ending on October 1, 2006 in a covered area 
                relating to Hurricane Katrina of 2005 or Hurricane Rita 
                of 2005; or
                    ``(B) during the period beginning on September 1, 
                2008 and ending on January 1, 2009 in a covered area 
                relating to Hurricane Gustav of 2008 or Hurricane Ike 
                of 2008.
    ``(d) Reimbursement by Responsible Party.--The Administrator may 
present a claim to the responsible party (as defined in section 1001 of 
the Oil Pollution Act of 1990 (33 U.S.C. 2701)) for costs and expenses 
described in section 1012(a)(5) of the Oil Pollution Act of 1990 (33 
U.S.C. 2712(a)(5)) relating to a waiver of interest under this section 
for a business suffering a substantial economic injury as a result of 
the Deepwater Horizon oil spill in accordance with section 1013 of the 
Oil Pollution Act of 1990 (33 U.S.C. 2713).
    ``(e) Authorization of Appropriations.--There are authorized to be 
appropriated to the Administrator such sums as may be necessary to 
carry out the program.
    ``(f) Termination of Program.--The Administrator may not approve an 
application under the program after March 31, 2012.''.
    (b) Savings Clause.--A loan refinanced under section 12086 of the 
Food, Conservation, and Energy Act of 2008 (Public Law 110-234; 122 
Stat. 1422) 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 (including any option to defer repayment).
    (c) Technical and Conforming Amendment.--The table of contents in 
section 1(b) of the Food, Conservation, and Energy Act of 2008 (Public 
Law 110-234; 122 Stat. 933) is amended by striking the item relating to 
section 12086 and inserting the following:

``Sec. 12086. Southeast Hurricanes Small Business Disaster Relief 
                            Program.''.
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