S. 715Senate110th Congress (2007-2009)In Committee

Small Business Disaster Recovery Assistance Improvement Act of 2007

Introduced February 28, 2007

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Small Business and Entrepreneurship. (text of measure as introduced: CR S2366)

February 28, 2007

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SenateIntro Referral

Introduced in Senate

February 28, 2007

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S2365-2366)

February 28, 2007

SenateIntro Referral

Read twice and referred to the Committee on Small Business and Entrepreneurship. (text of measure as introduced: CR S2366)

February 28, 2007

Floor Debate

15 members

What members said about S. 715 on the floor

3 Republicans12 Democrats
Herb Kohl
Sen. Herb KohlD-WI · Feb 28, 2007

Mr. President, I rise today, with Senator Kennedy and Senator Durbin, to introduce the State Court Interpreter Grant Program Act of 2007. This legislation would create a modest grant program to…

Barack Obama
Sen. Barack ObamaD-IL · Feb 28, 2007

Mr. President, I rise today to speak about the ``Dignity for Wounded Warriors Act,'' which I am proud to introduce with Senator McCaskill. Last week, the Nation learned of the serious problems at…

Mike Crapo
Sen. Mike CrapoR-ID · Feb 28, 2007

Mr. President, I rise today with my colleagues, 16 bipartisan cosponsors, to introduce the S. 700. Approximately 1 year ago, Senator Lincoln and I introduced the Collaboration for the Recovery of the…

Daniel K. Akaka
Sen. Daniel K. AkakaD-HI · Feb 28, 2007

Mr. President, I rise today to introduce the Pet Protection Act of 2007. In 1966, Congress passed the Animal Welfare Act to prevent the abuse and mistreatment of animals and to provide assurance that…

Claire McCaskill
Sen. Claire McCaskillD-MO · Feb 28, 2007

Mr. President, it is my honor to join my distinguished colleague from Illinois, Senator Obama, today in introducing the Dignity for Wounded Warriors Act, a bill that serves to better the experience…

Show 8 more
Bill Nelson
Sen. Bill NelsonD-FL · Feb 28, 2007

Mr. President, American consumers and public safety officials increasingly find themselves confronted by scams in the digital age. The latest scam is known as caller I.D. ``spoofing.'' Today, I am…

Richard J. Durbin
Sen. Richard J. DurbinD-IL · Feb 28, 2007

Mr. President, why hold off for tomorrow what we can do today? The current healthcare crisis in our Nation did not happen overnight. It has been accumulating as a result of a lack of serious…

Jack Reed
Sen. Jack ReedD-RI · Feb 28, 2007

Mr. President, I am pleased to join my colleagues, Senator Coleman, and Representatives Eshoo and Ramstad, in reintroducing the Consortium on the Impact of Technology in Health Services Act. We face…

Mary L. Landrieu
Sen. Mary L. LandrieuD-LA · Feb 28, 2007

Mr. President, as we all know, there was a tremendous amount of criticism of the Federal Government's response to Hurricanes Katrina and Rita last year. Things are better now and the region is slowly…

Mary L. Landrieu
Sen. Mary L. LandrieuD-LA · Feb 28, 2007

Mr. President, as we all know, there was a tremendous amount of criticism of the Federal Government's response to Hurricanes Katrina and Rita last year. Things are better now and the region is slowly…

Frank R. Lautenberg
Sen. Frank R. LautenbergD-NJ · Feb 28, 2007

Mr. President, I rise today to re-introduce legislation that will close an egregious loophole in federal law. Currently, this loophole permits solid waste management facilities operated near…

Wayne Allard
Sen. Wayne AllardR-CO · Feb 28, 2007

Mr. President, I will be introducing a piece of legislation today which is a bill to cut at the heart of a rampant problem in this country; that is, identity theft. Last month, a bipartisan group of…

Carl Levin
Sen. Carl LevinD-MI · Feb 28, 2007

Mr. President, I am pleased to join with Senators Craig Thomas, Debbie Stabenow, Chuck Grassley and Tom Harkin in introducing the Federal Prison Industries Competition in Contracting Act. Our bill is…

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Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Feb 28, 2007

Mr. President, I am pleased to join Senator Boxer as a co-sponsor of the ``Pell Grant Equity Act of 2007'' that would provide all low-income students with the same opportunity to receive a Federal…

Daniel K. Inouye
Sen. Daniel K. InouyeD-HI · Feb 28, 2007

Mr. President, I rise to introduce a bill to reauthorize Title VIII of the Native American Housing Assistance and Self- Determination Act. Senator Akaka joins me in sponsoring this measure. Title…

Norm Coleman
Sen. Norm ColemanR-MN · Feb 28, 2007

Mr. President, I ask unanimous consent that my legislation, Consortium on the Impact of Technology in Aging Health Services Act of 2007, be printed in the Record.

Bill Text

Latest available legislative text

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Introduced in SenateIssued February 28, 2007

II

110th CONGRESS

1st Session

S. 715

IN THE SENATE OF THE UNITED STATES

February 28, 2007

Ms. Landrieu (for herself, Mr. Kerry, Ms. Snowe, and Mr. Vitter) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship

A BILL

To amend the Small Business Act to provide expedited disaster assistance, and for other purposes.

1.

Short title

This Act may be cited as the Small Business Disaster Recovery Assistance Improvement Act of 2007.

2.

Business expedited disaster assistance loan program

(a)

Definitions

In this section—

(1)

the terms Administration and Administrator mean the Small Business Administration and the Administrator thereof, respectively;

(2)

the term immediate disaster assistance means assistance provided during the period beginning on the date on which a disaster declaration is made and ending on the date that an impacted small business concern is able to secure funding through insurance claims, Federal assistance programs, or other sources;

(3)

the term program means the expedited disaster assistance business loan program established under subsection (b); and

(4)

the term small business concern has the meaning given that term in section 3 of the Small Business Act (15 U.S.C. 632).

(b)

Creation of program

The Administrator shall take such administrative action as is necessary to establish and implement an expedited disaster assistance business loan program to provide small business concerns with immediate disaster assistance under section 7(b) of the Small Business Act (15 U.S.C. 636(b)).

(c)

Consultation required

In establishing the program, the Administrator shall consult with—

(1)

appropriate personnel of the Administration (including District Office personnel of the Administration);

(2)

appropriate technical assistance providers (including small business development centers);

(3)

appropriate lenders and credit unions;

(4)

the Committee on Small Business and Entrepreneurship of the Senate; and

(5)

the Committee on Small Business of the House of Representatives.

(d)

Rules

(1)

In general

Not later than 1 year after the date of enactment of this Act, the Administrator shall promulgate rules establishing and implementing the program in accordance with this section. Such rules shall apply as provided for in this section, beginning 90 days after their issuance in final form.

(2)

Contents

The rules promulgated under paragraph (1) shall—

(A)

identify whether appropriate uses of funds under the program may include—

(i)

paying employees;

(ii)

paying bills and other financial obligations;

(iii)

making repairs;

(iv)

purchasing inventory;

(v)

restarting or operating a small business concern in the community in which it was conducting operations prior to the declared disaster, or to a neighboring area, county, or parish in the disaster area; or

(vi)

covering additional costs until the small business concern is able to obtain funding through insurance claims, Federal assistance programs, or other sources; and

(B)

set the terms and conditions of any loan made under the program, subject to paragraph (3).

(3)

Terms and conditions

A loan made by the Administration under this section—

(A)

shall be a short-term loan, not to exceed 180 days, except that the Administrator may extend such term as the Administrator determines necessary or appropriate on a case-by-case basis;

(B)

shall have an interest rate not to exceed 1 percentage point above the prime rate of interest that a private lender may charge;

(C)

shall have no prepayment penalty;

(D)

may be refinanced as part of any subsequent disaster assistance provided under section 7(b) of the Small Business Act; and

(E)

shall be subject to such additional terms as the Administrator determines necessary or appropriate.

(e)

Report to congress

Not later than 5 months after the date of enactment of this Act, the Administrator shall report to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives on the progress of the Administrator in establishing the program.

(f)

Authorization

There are authorized to be appropriated to the Administrator such sums as are necessary to carry out this section.