A bill to amend the Small Business Act to provide that, for purposes of the waiver of the $500,000 limitation on disaster loans, the owner of a building which contains the principal place of business of at least one-third of the private employers in a downtown business district shall be treated as a major source of employment.

Summary

Amends the Small Business Act to treat a person as a major source of employment for purposes of the waiver of the $500,000 limitation on small business disaster loans if such person owns a building which: (1) has a fair market value before a disaster occurs of at least $1,000,000; and (2) contains the principal place of business of at least one-third of the private employers in the downtown business district of any city. Provides that this Act shall apply to disasters occurring on or after January 1, 1982.

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1 official file

• Introduced in Senate

  summary · EN · 23 September 1982

  Open at official source

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