Congress 107 - S 1499 - American Small Business Emergency Relief and Recovery Act

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Accounting Agriculture and Food Air piracy Airports Armed Forces and National Security Arts, Culture, Religion Authorization Bankruptcy Bombings Business education Clothing industry Commerce Commercial aircraft Congress Congressional oversight Congressional reporting requirements Contractors Counseling Crime and Law Enforcement Department of Defense Disaster loans Disaster relief Dislocated workers EBB Terrorism Economic impact statements Economics and Public Finance Emergency Management Executives Federal installations Federal office buildings Federally-guaranteed loans Fees Finance and Financial Sector Food industry Government and business Government contractors Government lending Government Operations and Politics Government procurement Governmental investigations Hotels, motels, etc. Interest Interest rates International Affairs Labor and Employment Law firms Layoffs Management Management consultants Minorities Minority business enterprises New York City Office buildings Performing arts Poor Restaurants Retail trade Security measures September 11, 2001 Service industries Small business Small Business Administration Social Welfare Storage Terrorism Tourism Transportation and Public Works Unemployment Veterans' loans Virginia Volunteer workers Women Women in business

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Summary

American Small Business Emergency Relief and Recovery Act - Amends the Small Business Act to authorize the Small Business Administration (SBA) to make disaster loans to a small business concern that has been directly affected and suffered substantial economic injury as the result of the terrorist attacks of September 11, 2001, including injury due to closure or suspension of its business for national security purposes by the Federal Government. Authorizes the refinancing of SBA loans made to such small businesses and outstanding on September 11, 2001, and of outstanding business debt, requiring the resumption of principal and interest payments on such loans and debt one year after refinancing. Provides: (1) an SBA obligation limit on the business debt refinancing; and (2) size standards for affected small businesses, authorizing the SBA Administrator to increase or waive such standards. Increases the total aggregate loan limits for affected small businesses, authorizing the Administrator to waive such limits. Authorizes the Administrator to accept loan and debt refinancing applications from affected small businesses until September 10, 2002.

(Sec. 5) Authorizes the Administrator, during the nine-month period beginning on the date of enactment of this Act, to make loans to a small business that has been directly or indirectly adversely affected by the events of September 11th. Raises to $10 million the total amount of outstanding SBA loans authorized to be made to a small business borrower in the disaster area declared in response to the September 11th attacks, and limits the annual loan fee to 0.25 percent of the outstanding loan balance.

(Sec. 6) Provides a temporary reduction, until September 30, 2004, in SBA loan guarantee and annual fees, as well as development company debenture guarantee loan fees under the Small Business Investment Act of 1958, with respect to loans approved under this Act.

(Sec. 7) Amends the Small Business Act to authorize special, individualized assistance to small business concerns adversely impacted by the terrorist attacks through the following programs; (1) small business development centers; (2) Service Corps of Retired Executives (SCORE); (3) microloan program (women, low-income, veterans, minority); (4) women's business development center program; and (5) the small business investment company program.

(Sec. 8) Directs the Office of Advocacy of the SBA to conduct annual studies for a five-year period on the impact of the events of September 11, 2001, on small business concerns, and the effects of assistance provided under this Act. Requires a report to Congress. Authorizes appropriations.

(Sec. 9) Authorizes the head of a Federal contracting agency to increase the price of a prime contract entered into between such agency and a small business prior to September 11, 2001, to the extent determined equitable on the basis of loss resulting from security measures taken at Federal facilities as a result of the terrorist attacks. Terminates such authority one year after the enactment of this Act. Authorizes appropriations.

(Sec. 10) Requires the Administrator to report monthly for one year to specified congressional committees on the implementation of this Act.

(Sec. 12) Authorizes appropriations for FY 2002 through 2004 for various SBA programs and activities adversely affected by the terrorist attacks of September 11, 2001.

Actions

Apr 9, 2002

Referred to the House Committee on Small Business.
Apr 9, 2002

Received in the House.
Apr 9, 2002

Message on Senate action sent to the House.
Mar 22, 2002

Passed Senate with an amendment by Unanimous Consent.
Mar 22, 2002

Passed/agreed to in Senate: Passed Senate with an amendment by Unanimous Consent.
Mar 22, 2002

Measure laid before Senate by unanimous consent. (consideration: CR S2335-2338)
Dec 12, 2001

Sponsor introductory remarks on measure. (CR S13044)
Dec 11, 2001

Sponsor introductory remarks on measure. (CR S12822-12826)
Nov 27, 2001

Sponsor introductory remarks on measure. (CR S12045-12046)
Nov 13, 2001

Sponsor introductory remarks on measure. (CR S11717)
Oct 9, 2001

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 186.
Oct 4, 2001

Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
Oct 4, 2001

Sponsor introductory remarks on measure. (CR S10289-10299)
Oct 4, 2001

Introduced in Senate

Amendments

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