Small Business Desert Storm Loan Relief Act of 1991

Summary

Small Business Desert Storm Loan Relief Act of 1991 - Amends the Small Business Act to direct the Small Business Administration (SBA) to liberally construe this Act to benefit persons called to active duty in the military service of the United States. Authorizes the SBA to: (1) extend the term of any direct loan or debenture for up to five years beyond the maximum legal term; and (2) waive or modify minimum time periods or minimum income declines, if appropriate. Directs the SBA to suspend temporarily the repayment obligation under a direct SBA loan if the borrower or any person jointly liable with the borrower is called to active duty in the military service subsequent to disbursement of the loan proceeds. Directs the SBA to suspend or reduce the repayment obligation of a small business concern under an SBA loan made to a partnership or corporation if it determines that the repayment ability of the borrower has been substantially impaired due to the entry on active duty of any person who is a principal owner, manager, or key employee of such borrower. Authorizes the SBA to: (1) make all or part of any payments due to a person under the terms of an SBA guaranteed loan if it determines that the repayment ability of the borrower has been substantially impaired due to the entry on active duty of any person who is a principal owner, manager, or key employee of such borrower; and (2) extend direct loan terms (including reamortization) and make payments of any amounts due under a guaranteed loan for a maximum of five years. Direct the SBA to issue interim final rules and implementing regulations within ten days of enactment of this Act.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

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

Documents

5 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN

  ViewDownloadOpen at official source

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Engrossed in House (text)

  Engrossed in House · EN

  ViewDownloadOpen at official source

• Passed House amended

  summary · EN · 19 March 1991

  Open at official source

• Introduced in House

  summary · EN · 6 February 1991

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.