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Southeast Hurricanes Small Business Disaster Relief Act of 2010
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.
Summary
This bill establishes the Southeast Hurricanes Small Business Disaster Relief Program, which authorizes the Small Business Administration to waive interest payments on disaster loans made to small businesses in Louisiana, Mississippi, and Texas for damage caused by Hurricane Katrina, Hurricane Rita, Hurricane Gustav, or Hurricane Ike. Interest waivers are limited to no more than 3 years and a maximum total of $15,000 per business. The program gives priority to small businesses with 50 or fewer employees and to businesses that resumed operations within specified timeframes after each hurricane. The program terminates on December 31, 2010, after which no new applications for interest waivers may be approved.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
Actions (3)
- Feb 4, 2010 Referred to the Subcommittee on Finance and Tax. · house
- Feb 4, 2010 Referred to the House Committee on Small Business. · house
- Feb 4, 2010 Introduced in House
More bills on these subjects (8)
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Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE HOUSE OF REPRESENTATIVES
February 4, 2010
Mr. Melancon introduced the following bill; which was referred to the Committee on Small Business
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.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Southeast Hurricanes Small Business Disaster Relief Act of 2010”.
SEC. 2. 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, State of Mississippi, or 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)).
SEC. 3. 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 declared disaster area during the period—
(A) beginning on September 1, 2005, and ending on October 1, 2006, for loans relating to Hurricane Katrina of 2005 or Hurricane Rita of 2005; or
(B) beginning on September 1, 2008, and ending on January 1, 2009, for loans relating to Hurricane Gustav of 2008 or Hurricane Ike of 2008.
(c) Termination of Program.—The Administrator may not approve an application under the program after December 31, 2010.
SEC. 4. AUTHORIZATION OF APPROPRIATIONS.
There are authorized to be appropriated to the Administrator such sums as may be necessary to carry out this Act. <all>
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