[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3674 Introduced in House (IH)]
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115th CONGRESS
1st Session
H. R. 3674
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, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 5, 2017
Mr. Smith of New Jersey 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, 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 ``Equity for Disaster Victims Act of
2017''.
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 (except for assistance received pursuant to the Robert T.
Stafford Disaster Relief and Emergency Assistance Act (42
U.S.C. 5121 et seq.)) to repair, rehabilitate, or replace real
property damaged or destroyed by or as a result of a major
disaster declared by the President under section 401 of the
Robert T. Stafford Disaster Relief and Emergency Assistance Act
(42 U.S.C. 5170) 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.''.
SEC. 4. TREATMENT OF FUNDS.
Notwithstanding the sixth and tenth provisos 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. 37), to the extent that amounts are made available under such
heading, the procedures preventing the duplication of benefits shall
not apply with respect to such amounts used for the purposes of
paragraph (2) of section 7(f) of the Small Business Act (15 U.S.C.
636(f)), as added by this Act.
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