S. 2986 – Reading Mode

111th CONGRESS

2d Session

S. 2986

IN THE SENATE OF THE UNITED STATES

February 4, 2010

Ms. Landrieu introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship

A BILL

To authorize the Administrator of the Small Business Administration to waive interest for certain loans relating to damage caused by Hurricane Katrina, Hurricane Rita, Hurricane Gustav, or Hurricane Ike.

Short title

This Act may be cited as the Southeast Hurricanes Small Business Disaster Relief Act of 2010.

Definitions

In this Act—

(1)

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

(2)

the term covered disaster loan means a loan—

(A)

made under section 7(b) of the Small Business Act (15 U.S.C. 636(b));

(B)

for damage or injury caused by Hurricane Katrina of 2005, Hurricane Rita of 2005, Hurricane Gustav of 2008, or Hurricane Ike of 2008; and

(C)

made to a business located in a declared disaster area;

(3)

the term declared disaster area means an area in the State of Louisiana, the State of Mississippi, or the State of Texas 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) relating to Hurricane Katrina of 2005, Hurricane Rita of 2005, Hurricane Gustav of 2008, or Hurricane Ike of 2008;

(4)

the term program means the Southeast Hurricanes Small Business Disaster Relief Program established under section 3; and

(5)

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

Southeast Hurricanes Small Business Disaster Relief Program

(a)

Program established

Subject to the availability of appropriations, the Administrator shall establish a Southeast Hurricanes Small Business Disaster Relief Program, under which the Administrator may waive payment of interest by a business on a covered disaster loan—

(1)

for not more than 3 years; and

(2)

in a total amount of not more than $15,000.

(b)

Priority of applications

The Administrator shall, to the extent practicable, give priority to an application for a waiver of interest under the program by a small business concern—

(1)

with not more than 50 employees; or

(2)

that resumed business operations in—

(A)

a declared disaster area relating to Hurricane Katrina of 2005 or Hurricane Rita of 2005, during the period beginning on September 1, 2005, and ending on October 1, 2006; or

(B)

a declared disaster area relating to Hurricane Gustav of 2008 or Hurricane Ike of 2008, during the period beginning on September 1, 2008, and ending on January 1, 2009.

(c)

Termination of program

The Administrator may not approve an application under the program after December 31, 2010.

Authorization of appropriations

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