A bill to amend the Small Business Act to improve assistance to victims of disasters.

Summary

Amends the Small Business Act to specify the maximum interest rate on disaster loans made by the Small Business Administration (SBA) to homeowners or small businesses for disasters commencing on or after October 1, 1982. Provides that such loans, subject to reductions in insurance payments received by a loan applicant, shall cover 100 percent of the loss suffered. Limits such loans to $500,000 per disaster, unless a loan applicant is a major source of employment in the disaster area, in which case such limitation may be waived at the discretion of the Administrator of the SBA. Requires the interest rate for such loans to be the rate that is in effect when the disaster commenced. Prohibits the SBA, subject to reductions for insurance payments received by a loan applicant, from reducing the amount of such loans for homeowners to less than $100,000 for loss of real property or $20,000 for personal property. Provides that upon presentation by a loan applicant of proof of loss, damage or injury, the SBA will cancel a portion of the principal of any loan used to cover damage to real property that is occupied as a primary residence or personal property contained therein resulting from a disaster commencing on or after October 1, 1982. Specifies the portion of the loan principal to be cancelled for certain loan amounts. Authorizes funds to the SBA for FY 1984 for direct loans to small businesses for facility rehabilitation and for disaster relief. Extends for one year the prohibition on disaster loan assistance by the SBA to agricultural enterprises.

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1 official file

• Introduced in House

  summary · EN · 18 April 1983

  Open at official source

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