A bill to amend the Small Business Act to provide reduced interest rates on disaster loans made with respect to disasters occurring after September 30, 1978, and before October 1, 1979.

Summary

Amends the Small Business Act to establish interest rates on disaster loans made under such Act: (1) as the Small Business Administration (SBA) may determine to be necessary or appropriate because of floods, riots, civil disorders, or other catastrophes; (2) if the SBA determines that a small business concern has suffered a substantial economic injury as the result of a natural or major disaster; or (3) as the SBA may determine to be necessary to assist a small business concern in reestablishing its business if such concern has suffered substantial economic injury because of disease or toxicity occurring in the product of such concern through natural or undetermined causes. Sets such interest rates at: (1) one percent on the first $10,000; (2) three percent on the amount of such loans over $10,000 but not over $250,000; and (3) five percent on the amount over $250,000. States that such rates shall apply to loans made with respect to disasters occurring after September 30, 1978 and before October 1, 1979. Authorizes the Administrator of the SBA to cancel up to $10,000 of the principal of loans to which the interest rates established by this Act apply.

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Documents

1 official file

• Introduced in House

  summary · EN · 24 April 1979

  Open at official source

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