S.Amdt. 4322

SA 4322. Ms. LANDRIEU (for herself and Mr. Cochran) submitted an
amendment intended to be proposed to amendment SA 4301 proposed by Mr.
Baucus to the bill H.R. 4213, to amend the Internal Revenue Code of
1986 to extend certain expiring provisions, and for other purposes;
which was ordered to lie on the table; as follows:

On page 363, between lines 3 and 4, insert the following:

SEC. 621. DISASTER LOANS PROGRAM ACCOUNT.

(a) In General.--From unobligated balances in the
appropriations account appropriated under the heading
``disaster loans program account'' under the heading ``Small
Business Administration'', up to $100,000,000 shall be
available to the Administrator of the Small Business
Administration (in this section referred to as the
``Administrator'') to waive the payment, for a period of not
more than 3 years, of not more than $15,000 in interest on
loans made under section 7(b) of the Small Business Act (15
U.S.C. 636(b)) to businesses located in an area affected by a
hurricane occurring during 2005 or 2008 for which the
President declared a major disaster under section 401 of the
Robert T. Stafford Disaster Relief and Emergency Assistance
Act (42 U.S.C. 5170).
(b) Priority.--The Administrator shall, to the extent
practicable, give priority to an application for a waiver of
interest under the program established under this section by
a small business concern (as defined under section 3 of the
Small Business Act (15 U.S.C. 632)) with not more than 50
employees or that the Administrator determines suffered a
substantial economic injury as a result of the Deepwater
Horizon oil spill of 2010.
(c) Termination.--The Administrator may not approve an
application under the program established under this section
after December 31, 2010.
(d) Other Disasters.--If a disaster is declared under
section 7(b) of the Small Business Act (15 U.S.C.636(b))
during the period beginning on the date of enactment of this
Act and ending on December 31, 2010, and to the extent there
are inadequate funds in the appropriations account described
in subsection (a) to provide assistance relating to the
disaster under section 7(b) of the Small Business Act and
waive the payment of interest under the program established
under this section, the Administrator shall give priority in
using the funds to applications under section 7(b) of the
Small Business Act relating to the disaster.
(e) Budgetary Provision.--This section is designated as an
emergency for purposes of pay-as-you-go principles. The
amount made available under this section is designated as an
emergency requirement pursuant to sections 403(a) and 423(b)
of S. Con. Res. 13 (111th Congress), the concurrent
resolution on the budget for fiscal year 2010. The amount
made available under this section is designated as an
emergency requirement pursuant to section 4(g) of the
Statutory Pay-As-You-Go Act of 2010 (Public Law 111-139; 2
U.S.C. 933(g)).
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