A bill to amend the Small Business Act.

Summary

Amends the Small Business Act to authorize the Small Business Administration (SBA) to make the following loans available to small business concerns if credit is not otherwise available on reasonable terms: (1) loans for the repair or replacement of real or personal property damaged or destroyed by natural disaster or civil disorders; (2) loans for refinancing a mortgage or lien against a destroyed or substantially damaged house or business concern; and (3) loans for relief from major disasters as declared by the President or disasters as determined by the Administrator of the SBA pursuant to the Disaster Relief Act of 1970. Sets a maximum term of 30 years for such loans and a minimum interest rate equivalent to the rate in effect at the time such loans are made. Limits loan amounts to $500,000 for each disaster except if a loan applicant constitutes a major source of employment in a disaster-stricken area.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 2 April 1981

   Introduced

   Referred to House Committee on Small Business.

   Source: IntroReferral

2. 2 April 1981

   Introduced

   Introduced in House

   Source: IntroReferral

3. 2 April 1981

   Introduced

   Introduced in House

   Source: IntroReferral

4. 6 April 1981

   Referred

   Referred to Subcommittee on SBA & SBIC Authority, Minority Enterprise, and General Small Business Problems.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 2 April 1981

  Open at official source

Sponsors

• Rep. Mitchell, Parren J. [D-MD-7] · D · Sponsor
• Rep. McDade, Joseph M. [R-PA-10] · R · Sponsor
• · hssm00 · Standing

Related records

No cross-record relationships stored yet.