[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 2831 Reported in Senate (RS)]

<DOC>





                                                       Calendar No. 481
114th CONGRESS
  2d Session
                                S. 2831

To amend the Small Business Investment Act of 1958 to provide priority 
for applicants for a license to operate as a small business investment 
              company that are located in a disaster area.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             April 21, 2016

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

                              May 24, 2016

               Reported by Mr. Vitter, with an amendment
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]

_______________________________________________________________________

                                 A BILL


 
To amend the Small Business Investment Act of 1958 to provide priority 
for applicants for a license to operate as a small business investment 
              company that are located in a disaster area.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

<DELETED>SECTION 1. SBIC PROGRAM FAST-TRACK APPLICATIONS.</DELETED>

<DELETED>    Section 301(c)(2) of the Small Business Investment Act of 
1958 (15 U.S.C. 681(c)(2)) is amended by adding at the end the 
following:</DELETED>
                <DELETED>    ``(C) Priority for applicants located in 
                disaster areas.--</DELETED>
                        <DELETED>    ``(i) Definition.--In this 
                        subparagraph, the term `disaster area' means 
                        the area for which the President has declared a 
                        major disaster (as defined in section 102 of 
                        the Robert T. Stafford Disaster Relief and 
                        Emergency Assistance Act (42 U.S.C. 5122)), 
                        during the period of the declaration.</DELETED>
                        <DELETED>    ``(ii) Priority.--The 
                        Administrator shall give priority to an 
                        application for a license to operate as a small 
                        business investment company that is from an 
                        applicant located in a disaster 
                        area.''.</DELETED>

SECTION 1. SBIC PROGRAM.

    (a) Fast Track Applications.--Section 301(c)(2) of the Small 
Business Investment Act of 1958 (15 U.S.C. 681(c)(2)) is amended by 
adding at the end the following:
                    ``(C) Priority for applicants located in disaster 
                areas.--
                            ``(i) Definition.--In this subparagraph, 
                        the term `disaster area' means the area for 
                        which the President has declared a major 
                        disaster (as defined in section 102 of the 
                        Robert T. Stafford Disaster Relief and 
                        Emergency Assistance Act (42 U.S.C. 5122)), 
                        during the period of the declaration.
                            ``(ii) Priority.--The Administrator shall 
                        give priority to an application for a license 
                        to operate as a small business investment 
                        company that is from an applicant located in a 
                        disaster area.''.
    (b) Maximum Leverage.--Section 303(b)(2) of the Small Business 
Investment Act of 1958 (15 U.S.C. 683(b)(2)) is amended by adding at 
the end the following:
                    ``(E) Investments in disaster areas.--In 
                calculating the outstanding leverage of a company 
                licensed under section 301(c) for the purposes of 
                subparagraph (A), or 2 or more companies licensed under 
                section 301(c) for the purposes of subparagraph (B), 
                the Administrator shall not include the amount equal to 
                the cost basis of any investment made by the company in 
                a small business concern that is located in an area for 
                which the President declared a major disaster (as 
                defined in section 102 of the Robert T. Stafford 
                Disaster Relief and Emergency Assistance Act (42 U.S.C. 
                5122)) during the 1-year period beginning on the date 
                of the declaration.''.
                                                       Calendar No. 481

114th CONGRESS

  2d Session

                                S. 2831

_______________________________________________________________________

                                 A BILL

To amend the Small Business Investment Act of 1958 to provide priority 
for applicants for a license to operate as a small business investment 
              company that are located in a disaster area.

_______________________________________________________________________

                              May 24, 2016

                       Reported with an amendment