A bill to amend the Small Business Act to reduce interest rates on disaster loans with the respect to disasters occurring on or after March 31, 1983, and to increase the maximum amounts of such loans for homeowners on account of losses of real and personal property.

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 March 31, 1983. 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 loan 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 $25,000 for personal property.

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1 official file

• Introduced in House

  summary · EN · 16 June 1983

  Open at official source

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