S.Amdt. 4448

SA 4448. Mr. MERKLEY (for himself and Mr. Bond) submitted an amendment intended to be proposed to amendment SA 4402 proposed by Mr. Reid (for Mr. Baucus (for himself, Ms. Landrieu, and Mr. Reid)) to the bill H.R. 5297, to create the Small Business Lending Fund Program to direct the Secretary of the Treasury to make capital investments in eligible institutions in order to increase the availability of credit for small businesses, to amend the Internal Revenue Code of 1986 to provide tax incentives for small business job creation, and for other purposes; which was ordered to lie on the table; as follows:

On page 41, between lines 3 and 4, insert the following:

SEC. 1137. REBUILDING COUNTIES.

(a) In General.--Section 3(p) of the Small Business Act (15 U.S.C. 632(p)) is amended--

(1) in paragraph (1)--

(A) in subparagraph (D), by striking “or” at the end;

(B) in subparagraph (E), by striking the period at the end and inserting “; or”; and

(C) by adding at the end the following:

“(F) rebuilding counties.”; and

(2) in paragraph (4), by adding at the end the following:

“(E) Rebuilding counties.--

“(i) In general.--The term ‘rebuilding county' means an initial period rebuilding county or an extension period rebuilding county.

“(ii) Initial period rebuilding county.--The term ‘initial period rebuilding county' means a county, parish, or similar political subdivision--

“(I) for which the Administrator determines that the 1-year unemployment rate average is not less than 120 percent of the 1-year average unadjusted unemployment rate for the United States, based on the most recent data available from the Secretary of Labor;

“(II) that--

“(aa) as of the date of the determination under subclause (I), is not a HUBZone; or

“(bb) will cease to qualify as a HUBZone not later than 2 years after the date of the determination under subclause (I); and

“(III) during the 3-year period beginning on the date on which the Administrator makes the determination under subclause (I).

“(iii) Extension period rebuilding county.--The term ‘extension period rebuilding county' means a county, parish, or similar political subdivision--

“(I) for which the Administrator has made a determination under clause (ii)(I);

“(II) for which the 3-year period described in clause (ii)(III) has ended;

“(III) for which the Administrator determines that the average unemployment rate for the 1-year period ending on the date on which the 3-year period described in clause (ii)(III) ends is not less than 140 percent of the 1-year average unadjusted unemployment rate for the United States, based on the most recent data available from the Secretary of Labor; and

“(IV) during the period beginning on the date on which the Administrator makes the determination under subclause (III) and ending on the earlier of--

“(aa) the date that is 3 years after the date of the determination under subclause (III); and

“(bb) the date on which the Bureau of the Census publicly releases the initial results of the first decennial census occurring after the date of the determination under subclause (III).

“(iv) 1-year unemployment rate average.--The term ‘1-year unemployment rate average' means the average unemployment rate, based on the most recent data available from the Secretary of Labor, during any 1-year period during the period--

“(I) beginning on the date on which a recession begins, as determined by the National Bureau of Economic Research; and

“(II) ending on the date that is 180 days after the date on which the National Bureau of Economic Research publicly releases the determination under subclause (I).”.

(b) Recession of 2007.--For purposes of applying section 3(p)(4) of the Small Business Act, as added by subsection (a), in relation to the recession announced by the National Bureau of Economic Research on December 1, 2008, the term “1-year unemployment rate average” means the average unemployment rate during the 1-year period ending on the date of enactment of this Act, based on the most recent data available from the Secretary of Labor.