S.Amdt. 1008
What it does: Adds SEC. __. REDUCTION OF INTEREST RATES ON SMALL BUSINESS DISASTER LOANS wherever appropriate
Sen. Robert P. Casey Jr. (D-PA)What it changes
1 change to H.R. 2354
Adds SEC. __. REDUCTION OF INTEREST RATES ON SMALL BUSINESS DISASTER LOANS wherever appropriate
Adds a sectionInserted: SEC. __. REDUCTION OF INTEREST RATES ON SMALL BUSINESS DISASTER LOANS.
Inserted: (a) Amendment.--Section 7(d) of the Small Business Act (15 U.S.C. 636(d)) is amended--
Inserted: (1) in paragraph (4), by striking "Notwithstanding" and inserting "Except as provided in paragraph (8) and notwithstanding";
Inserted: (2) in paragraph (5), by striking "Notwithstanding" and inserting "Except as provided in paragraph (8) and notwithstanding"; and
Inserted: (3) by adding at the end the following:
Inserted: "(8) Property Damage to Businesses.--The interest rate on the Federal share of any loan under subsection (b)(1) made to a business concern on or after August 26, 2011, shall be--
Inserted: "(A) 1 percent per year, in the case of a business concern unable to obtain credit elsewhere; and
Inserted: "(B) 3 percent per year, in the case of a business concern able to obtain credit elsewhere.".
Inserted: (b) Prospective Repeal.--Effective September 30, 2014, section 7(d) of the Small Business Act (15 U.S.C. 636(d)), as amended by subsection (a) is amended--
Inserted: (1) in paragraph (4), by striking "Except as provided in paragraph (8) and notwithstanding" and inserting "Notwithstanding";
Inserted: (2) in paragraph (5), by striking "Except as provided in paragraph (8) and notwithstanding" and inserting "Notwithstanding"; and
Inserted: (3) by striking paragraph (8).
The amendment doesn't say where this goes; the clerk decides.
Original wording
At the appropriate place, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 1008. Mr. CASEY submitted an amendment intended to be proposed by him to the bill H.R. 2354, making appropriations for energy and water development and related agencies for the fiscal year ending September 30, 2012, and for other purposes; which was ordered to lie on the table; as follows:
At the appropriate place, insert the following:
SEC. __. REDUCTION OF INTEREST RATES ON SMALL BUSINESS DISASTER LOANS.
(a) Amendment.--Section 7(d) of the Small Business Act (15 U.S.C. 636(d)) is amended--
(1) in paragraph (4), by striking “Notwithstanding” and inserting “Except as provided in paragraph (8) and notwithstanding”;
(2) in paragraph (5), by striking “Notwithstanding” and inserting “Except as provided in paragraph (8) and notwithstanding”; and
(3) by adding at the end the following:
“(8) Property Damage to Businesses.--The interest rate on the Federal share of any loan under subsection (b)(1) made to a business concern on or after August 26, 2011, shall be--
“(A) 1 percent per year, in the case of a business concern unable to obtain credit elsewhere; and
“(B) 3 percent per year, in the case of a business concern able to obtain credit elsewhere.”.
(b) Prospective Repeal.--Effective September 30, 2014, section 7(d) of the Small Business Act (15 U.S.C. 636(d)), as amended by subsection (a) is amended--
(1) in paragraph (4), by striking “Except as provided in paragraph (8) and notwithstanding” and inserting “Notwithstanding”;
(2) in paragraph (5), by striking “Except as provided in paragraph (8) and notwithstanding” and inserting “Notwithstanding”; and
(3) by striking paragraph (8).
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Senate amendment submitted
November 15, 2011