A bill to amend the Small Business Act to reduce the interest rates on disaster-related loans under such act and to provide for the cancellation of a portion of principal and interest payments with respect to certain such loans.

Summary

Amends the Small Business Act to reduce to three percent per annum the interest rate on the Small Business Administration's share of any loan made necessary because of floods, riots or civil disorders, or disaster or economic injury affecting small business concerns. Allows a qualified borrower, with respect to a loan concerning any home which is damaged as a result of a major disaster, to elect to have a portion of the principal and interest on such loan canceled. Specifies a formula by which the amount of such loan such borrower may elect to cancel may be determined. Disallows any such cancellation when such borrower transfers such home to any person not a member of his family. Stipulates that no election may be made or amount canceled in any year the Administrator determines such borrower exceeds the maximum permissable income.

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

Timeline

1. 23 March 1977

   Introduced

   Referred to House Committee on Small Business.

   Source: IntroReferral

2. 23 March 1977

   Introduced

   Introduced in House

   Source: IntroReferral

3. 23 March 1977

   Introduced

   Introduced in House

   Source: IntroReferral

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 · 23 March 1977

  Open at official source

Sponsors

• Rep. Johnson, James P. (Jim) [R-CO-4] · R · Sponsor
• · hssm00 · Standing

Related records

No cross-record relationships stored yet.