[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5774 Introduced in House (IH)]

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114th CONGRESS
  2d Session
                                H. R. 5774

   To amend the Small Business Act to allow small business concerns, 
homeowners, or nonprofit entities to use certain Superstorm Sandy grant 
 funds or other disaster assistance received to repay certain disaster 
       assistance provided by the Small Business Administration.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 13, 2016

Mr. Smith of New Jersey (for himself and Ms. Velazquez) introduced the 
following bill; which was referred to the Committee on Small Business, 
     and in addition to the Committees on Financial Services, and 
  Transportation and Infrastructure, for a period to be subsequently 
   determined by the Speaker, in each case for consideration of such 
 provisions as fall within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
   To amend the Small Business Act to allow small business concerns, 
homeowners, or nonprofit entities to use certain Superstorm Sandy grant 
 funds or other disaster assistance received to repay certain disaster 
       assistance provided by the Small Business Administration.

    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 ``Equity for Disaster Victims Act of 
2016''.

SEC. 2. USE OF CERTAIN SUPERSTORM SANDY GRANT FUNDS FOR REPAYMENT OF 
              CERTAIN DISASTER ASSISTANCE PROVIDED BY THE SMALL 
              BUSINESS ADMINISTRATION.

    Section 7(f) of the Small Business Act (15 U.S.C. 636(f)) is 
amended by adding at the end the following new paragraph:
            ``(2) Superstorm sandy cdbg-dr grant funds.--
                    ``(A) In general.--
                            ``(i) Loans to repair, rehabilitate, or 
                        replace real property.--A small business 
                        concern, homeowner, or nonprofit entity that 
                        received a loan pursuant to subsection 
                        (b)(1)(A) for the purpose of repairing, 
                        rehabilitating, or replacing real property 
                        damaged or destroyed by or as a result of 
                        Superstorm Sandy may receive Superstorm Sandy 
                        CDBG-DR grant funds only if such grant funds 
                        will be used to repay the principal and any 
                        interest accrued on the loan.
                            ``(ii) Loans to refinance a mortgage.--A 
                        small business concern, homeowner, or nonprofit 
                        entity that received a loan pursuant to 
                        subsection (b)(1)(B) to refinance a mortgage or 
                        other lien against a home or business concern 
                        that was totally destroyed or substantially 
                        damaged by or as a result of Superstorm Sandy 
                        may receive Superstorm Sandy CDBG-DR grant 
                        funds only if the amount of such grant funds 
                        will be used to repay the amount received under 
                        such subsection (b)(1)(B).
                            ``(iii) Additional disaster assistance.--A 
                        small business concern, homeowner, or nonprofit 
                        entity that received additional disaster 
                        assistance pursuant to subsection (b)(9) for a 
                        loan described in clause (i) or the refinancing 
                        described in clause (ii) may receive Superstorm 
                        Sandy CDBG-DR grant funds only if such grant 
                        funds will be used--
                                    ``(I) to repay the principal and 
                                any interest accrued on a loan 
                                described in clause (i); or
                                    ``(II) to repay the amount received 
                                from a loan described in clause (ii).
                    ``(B) Definition.--The term `Superstorm Sandy CDBG-
                DR grant funds' means amounts made available by the 
                Department of Housing and Urban Development under the 
                heading ``Department of Housing and Urban Development--
                Community Planning and Development--Community 
                Development Fund'' in title X of the Disaster Relief 
                Appropriations Act, 2013 (division A of Public Law 113-
                2; 127 Stat. 36) only for impacted and distressed areas 
                resulting from a major disaster declared pursuant to 
                the Robert T. Stafford Disaster Relief and Emergency 
                Assistance Act (42 U.S.C. 5121 et seq.) due to 
                Superstorm Sandy for activities authorized under title 
                I of the Housing and Community Development Act of 1974 
                (42 U.S.C. 5301 et seq.).''.

SEC. 3. USE OF OTHER DISASTER ASSISTANCE FOR REPAYMENT OF CERTAIN 
              DISASTER ASSISTANCE PROVIDED BY THE SMALL BUSINESS 
              ADMINISTRATION.

    Section 7(b) of the Small Business Act (15 U.S.C. 636(b)) is 
amended by inserting after paragraph (15) the following new paragraph:
            ``(16) Use of other disaster assistance.--As determined by 
        the Administrator, a small business concern, homeowner, or 
        nonprofit entity who receives assistance pursuant to any other 
        law to repair, rehabilitate, or replace real property damaged 
        or destroyed by or as a result of a major disaster declared by 
        the President under the Robert T. Stafford Disaster Relief and 
        Emergency Assistance Act (42 U.S.C. 5121 et seq.) on or after 
        the date of enactment of this paragraph may use such assistance 
        to repay the principal and any interest accrued on a loan or 
        the amount of other assistance received under this 
        subsection.''.
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