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United States · Bill · HR

H.R. 6296 (112th)

Disaster Loan Fairness Act of 2012

openUnited States· United States Congress· EN

Introduced

2 August 2012

Last action

—

Status

Received in the Senate.

Sponsors

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Subjects

Discovery layer

Source updated

7 April 2025

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Summary

Disaster Loan Fairness Act of 2012 - Amends the Small Business Act to provide the interest rate to be charged by the Small Business Administration (SBA) for loans made to small businesses beginning on January 1, 2011, and ending four years after the date of enactment of this Act in major disaster areas. Requires such rate to be the lesser of 4% or one-half the prevailing rate for similar loans in the area for those unable to attain credit elsewhere, or three-fourths the prevailing rate for those able to attain credit elsewhere. Requires the SBA Administrator to refund excess interest payments made by qualifying borrowers before the enactment of this Act. Directs the Administrator to report to Congress on whether the reduced rate has resulted in: (1) a greater number of applications for disaster-related loans, (2) a greater number of approvals for such loans, or (3) a decreased default rate.

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Documents

8 official files

Received in Senate (text)

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