[Congressional Record (Bound Edition), Volume 156 (2010), Part 9]
[Senate]
[Pages 12790-12792]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           TEXT OF AMENDMENTS

                                 ______
                                 
  SA 4449. Mr. WEBB (for himself, Mr. Nelson of Florida and Mr. Warner) 
submitted an amendment intended to be proposed to amendment SA 4402 
proposed by Mr. Reid (for Mr. Baucus (for himself, Ms. Landrieu, and 
Mr. Reid)) to the bill H.R. 5297, to create the Small Business Lending 
Fund Program to direct the Secretary of the Treasury to make capital 
investments in eligible institutions in order to increase the 
availability of credit for small businesses, to amend the Internal 
Revenue Code of 1986 to provide tax incentives for small business job 
creation, and for other purposes; which was ordered to lie on the 
table; as follows:

       At the end of title II, insert the following:

                        Subtitle C--Other Relief

     SEC. _. GUIDANCE ON TAX TREATMENT OF LOSSES RELATED TO 
                   TAINTED DRYWALL AS CASUALTY LOSS DEDUCTIONS.

       Not later than the due date, including extension, for 
     filing a return of tax for taxable year 2009, the Secretary 
     of the Treasury shall issue guidance with respect to the 
     availability of a casualty loss deduction under section 
     165(c)(3) of the Internal Revenue Code of 1986 for a taxpayer 
     who has sustained a loss due to defective or tainted drywall, 
     including drywall imported from China.
                                 ______
                                 
  SA 4450. Mr. BROWN of Ohio submitted an amendment intended to be 
proposed to amendment SA 4402 proposed by Mr. Reid (for Mr. Baucus (for 
himself, Ms. Landrieu, and Mr. Reid)) to the bill H.R. 5297, to create 
the Small Business Lending Fund Program to direct the Secretary of the 
Treasury to make capital investments in eligible institutions in order 
to increase the availability of credit for small businesses, to amend 
the Internal Revenue Code of 1986 to provide tax incentives for small 
business job creation, and for other purposes; which was ordered to lie 
on the table; as follows:

       On page 113, between lines 17 and 18, insert the following:

     SEC. 1348. SMALL BUSINESS TURNAROUND LOAN PROGRAM.

       Section 7(a) of the Small Business Act (15 U.S.C. 636(a)), 
     as amended by section 1206 of this Act, is amended by adding 
     at the end the following
       ``(36) Small business turnaround loan program.--
       ``(A) Definitions.--In this paragraph--
       ``(i) the term `program' means the Turnaround Loan Program 
     established under subparagraph (B);
       ``(ii) the term `turnaround small business concern' means a 
     small business concern that--

       ``(I) is economically distressed, as determined by the 
     Administrator;
       ``(II) has a history of a positive net income;
       ``(III) has had recent success in the business of the small 
     business concern; and
       ``(IV) has the potential to increase the business of the 
     small business concern; and

       ``(iii) the term `Secretary' means the Secretary of the 
     Treasury.
       ``(B) Establishment.--Not later than 120 days after the 
     date of enactment of this

[[Page 12791]]

     paragraph, the Administrator shall establish a Turnaround 
     Loan Program under which the Administrator may guarantee the 
     timely payment of loans made to turnaround small business 
     concerns to address cash flow difficulties.
       ``(C) Standards for small business turnaround loans.--
       ``(i) In general.--In consultation with the Secretary, the 
     Administrator shall issue rules establishing qualifying 
     criteria for loans guaranteed under the program.
       ``(ii) Specific borrower requirements.--The rules issued 
     under clause (i) shall require a turnaround small business 
     concern applying for a loan guaranteed under the program to 
     submit--

       ``(I) a business plan that includes--

       ``(aa) data on the performance before the date of the 
     application, and projections, of the turnaround small 
     business concern;
       ``(bb) a detailed description of the factors that led to 
     the economic difficulties of the turnaround small business 
     concern;
       ``(cc) a discussion of how the turnaround small business 
     concern responded to the economic difficulties; and
       ``(dd) a detailed description of the projected outlook for 
     the turnaround small business concern; and

       ``(II) subject to clause (iii), documentation 
     establishing--

       ``(aa) a history of a positive net income;
       ``(bb) recent success of the business of the turnaround 
     small business concern, which shall include documentation 
     that the turnaround small business concern has had increasing 
     revenue for not less than the 2 consecutive quarters before 
     the date of the application; and
       ``(cc) that the turnaround small business concern has had 
     repeated and substantial difficulty in obtaining credit 
     elsewhere.
       ``(iii) Waiver authority.--The Administrator may waive any 
     requirement under clause (ii)(II) if the Administrator 
     determines that the waiver is supported by mitigating factors 
     included in the business plan submitted by a turnaround small 
     business concern under clause (ii)(I).
       ``(iv) Minimize administrative burden.--The rules issued 
     under clause (i) shall, to the extent practicable, minimize 
     paperwork, minimize administrative burden on lenders and 
     applicants, and maximize clarity in guidelines.
       ``(D) Maximum loan limits for small business turnaround 
     loans.--Notwithstanding paragraph (3)(A), a loan may not be 
     guaranteed under this paragraph if the total amount 
     outstanding and committed (by participation or otherwise) to 
     the borrower from the business loan and investment fund 
     established by this Act would exceed $5,000,000.
       ``(E) Guarantees, fees, and cost repayment.--
       ``(i) Guarantees for small business turnaround loans.--The 
     Administrator may--

       ``(I) except as provided in subclause (II), guarantee not 
     more than 95 percent of a loan under the program; and
       ``(II) guarantee not more than 100 percent of a loan under 
     the program if a loan is also made to the applicant under a 
     State other credit support program under section 3206 of the 
     Small Business Jobs Act of 2010.

       ``(ii) Fees.--With respect to each loan guaranteed under 
     the program, the Administrator shall collect no fee.
       ``(iii) Repayment for underwriting costs.--If a turnaround 
     small business concern makes timely payment of a loan 
     guaranteed under the program for all of the 3-year period 
     beginning on the date of the loan, the Administrator shall 
     make a payment to the lender in an amount equal to 1 percent 
     of the amount of the loan, for the cost of underwriting the 
     loan.
       ``(F) Sunset.--The Administrator may not guarantee a loan 
     under the program after the date that is 22 months after the 
     date of enactment of this paragraph.
       ``(G) Funding.--
       ``(i) Small business lending fund.--The Secretary may 
     transfer from the Small Business Lending Fund established 
     under section 3103 of the Small Business Jobs Act of 2010 to 
     the Administrator such sums as are necessary to carry out 
     this paragraph, which shall be available to the 
     Administrator, without further appropriation or fiscal year 
     limitation.
       ``(ii) Authorization.--There are authorized to be 
     appropriated to the Administrator such sums as are necessary 
     to carry out this paragraph.''.
                                 ______
                                 
  SA 4451. Mr. DORGAN submitted an amendment intended to be proposed to 
amendment SA 4402 proposed by Mr. Reid (for Mr. Baucus (for himself, 
Ms. Landrieu, and Mr. Reid)) to the bill H.R. 5297, to create the Small 
Business Lending Fund Program to direct the Secretary of the Treasury 
to make capital investments in eligible institutions in order to 
increase the availability of credit for small businesses, to amend the 
Internal Revenue Code of 1986 to provide tax incentives for small 
business job creation, and for other purposes; which was ordered to lie 
on the table; as follows:

       On page 41, between lines 3 and 4, insert the following:

     SEC. 1137. HUBZONE DEFINITIONS.

       Section 3(p)(4)(B) of the Small Business Act (15 U.S.C. 
     632(p)(4)(B)) is amended--
       (1) in clause (i), by striking ``section 42(d)(5)(C)(ii)'' 
     and inserting ``section 42(d)(5)(B)(ii)''; and
       (2) in clause (ii)--
       (A) in subclause (II), by striking ``or'' at the end;
       (B) in subclause (III)--
       (i) by striking ``section 42(d)(5)(C)(iii)'' and inserting 
     ``section 42(d)(5)(B)(iii)''; and
       (ii) by striking the period at the end and inserting ``; 
     or''; and
       (C) by adding at the end the following:

       ``(IV) the population, based on the most recent census 
     data, has decreased by not less than 10 percent since 
     1980.''.

                                 ______
                                 
  SA 4452. Mr. DORGAN submitted an amendment intended to be proposed to 
amendment SA 4402 proposed by Mr. Reid (for Mr. Baucus (for himself, 
Ms. Landrieu, and Mr. Reid)) to the bill H.R. 5297, to create the Small 
Business Lending Fund Program to direct the Secretary of the Treasury 
to make capital investments in eligible institutions in order to 
increase the availability of credit for small businesses, to amend the 
Internal Revenue Code of 1986 to provide tax incentives for small 
business job creation, and for other purposes; which was ordered to lie 
on the table; as follows:

       On page 41, between lines 3 and 4, insert the following:

     SEC. 1137. REDESIGNATED AREAS.

       Section 3(p)(4)(C)(i) of the Small Business Act (15 U.S.C. 
     632(p)(4)(C)(i)) is amended to read as follows:
       ``(i) 3 years after the first date on which the 
     Administrator publishes a HUBZone map that is based on the 
     results from the 2010 decennial census; or''.
                                 ______
                                 
  SA 4453. Mr. THUNE (for himself, Mr. Johanns, Mr. Coburn, Mr. 
Isakson, Mr. Inhofe, and Mr. Bond) submitted an amendment intended to 
be proposed to amendment SA 4402 proposed by Mr. Reid (for Mr. Baucus 
(for himself, Ms. Landrieu, and Mr. Reid)) to the bill H.R. 5297, to 
create the Small Business Lending Fund Program to direct the Secretary 
of the Treasury to make capital investments in eligible institutions in 
order to increase the availability of credit for small businesses, to 
amend the Internal Revenue Code of 1986 to provide tax incentives for 
small business job creation, and for other purposes; which was ordered 
to lie on the table; as follows:

       Strike title III.
                                 ______
                                 
  SA 4454. Mr. THUNE submitted an amendment intended to be proposed to 
amendment SA 4402 proposed by Mr. Reid (for Mr. Baucus (for himself, 
Ms. Landrieu, and Mr. Reid)) to the bill H.R. 5297, to create the Small 
Business Lending Fund Program to direct the Secretary of the Treasury 
to make capital investments in eligible institutions in order to 
increase the availability of credit for small businesses, to amend the 
Internal Revenue Code of 1986 to provide tax incentives for small 
business job creation, and for other purposes; which was ordered to lie 
on the table; as follows:

       At the end of part IV of subtitle C of title I, add the 
     following:

     SEC. 1348. POLICY ON SUPPORT OF COMPETITIVE ENTERPRISE 
                   SYSTEM.

       (a) Finding.--Congress finds that the competitive 
     enterprise system, including small business concerns, is--
       (1) characterized by individual freedom and initiative; and
       (2) the primary source of economic strength of the United 
     States.
       (b) Policy.--Section 2 of the Small Business Act (15 U.S.C. 
     631) is amended by adding at the end the following:
       ``(k) Policy on Support of Competitive Enterprise System.--
     It is the declared policy of Congress that the Federal 
     Government--
       ``(1) should support the competitive enterprise system of 
     the United States, including small business concerns;
       ``(2) should not compete with the citizens of the United 
     States;
       ``(3) should rely on commercial sources to supply the 
     products and services required by the Federal Government; and
       ``(4) should avoid starting or carrying out any activity 
     that provides a product or service that can be procured more 
     effectively and efficiently from a nongovernmental source.''.

[[Page 12792]]



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