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Bill95th CongressFiled Apr 19, 1977Emergency Management
S. 1305

A bill to amend the Small Business Act to authorize the making of economic injury disaster loans in certain extraordinary circumstances without a disaster declaration.

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What it doesSummary reported to senate with amendment(s) (May 12, 1977)

(Reported to Senate from the Select Committee on Small Business with amendment, S. Rept. 95-138)

=Title I: Economic Disaster Designation= - Amends the Small Business Act to authorize the making of economic injury disaster loans not in excess of $100,000 each to small businesses where no disaster has been declared, provided that the Small Business Administration has determined that such businesses have suffered economic injury as a result of the disaster and are in need of financial assistance which is not available on reasonable terms in the disaster stricken area.

=Title II: Interest Rate Reductions for Physical Disaster Loans= - Amends the Small Business Act to set the interest rate for Federal disaster loans to repair uninsured residences and personal property, damaged on or after July 1, 1976, at one percent for the first $5,000 of damage, two percent on the next $5,000 of damage, and three percent on all damage valued above $10,000. Sets the interest rate for all other loans made with respect to a physical disaster occurring on or after July 1, 1976, at five percent. Cancels a portion of the principal of disaster loans made with regard to a primary residence which has incurred damage of at least ten percent of its fair market value.

Authorizes the Administrator of the Small Business Administration to defer interest payments on certain disaster loans for up to three years.

What just happenedJul 27, 1977

Measure indefinitely postponed in Senate.

Who’s behind it

Sen. Haskell, Floyd K. [D-CO](D-CO)Sponsor
8 cosponsors5 D3 R
Read on Congress.gov
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  1. Jul 27, 1977Floor

    Measure indefinitely postponed in Senate.

  2. May 12, 1977Committee

    Reported to Senate from the Select Committee on Small Business with amendment, S. Rept. 95-138.

    Small Business and Entrepreneurship Committee
  3. May 12, 1977Committee14000

    Reported to Senate from the Select Committee on Small Business with amendment, S. Rept. 95-138.

    Small Business and Entrepreneurship Committee
  4. Apr 19, 1977IntroReferral

    Referred to Senate Select Committee on Small Business.

    Small Business and Entrepreneurship Committee
  5. Apr 19, 1977IntroReferral10000

    Introduced in Senate

Reported to Senate with amendment(s)May 12, 197701
(Reported to Senate from the Select Committee on Small Business with amendment, S. Rept. 95-138)

=Title I: Economic Disaster Designation= - Amends the Small Business Act to authorize the making of economic injury disaster loans not in excess of $100,000 each to small businesses where no disaster has been declared, provided that the Small Business Administration has determined that such businesses have suffered economic injury as a result of the disaster and are in need of financial assistance which is not available on reasonable terms in the disaster stricken area.

=Title II: Interest Rate Reductions for Physical Disaster Loans= - Amends the Small Business Act to set the interest rate for Federal disaster loans to repair uninsured residences and personal property, damaged on or after July 1, 1976, at one percent for the first $5,000 of damage, two percent on the next $5,000 of damage, and three percent on all damage valued above $10,000. Sets the interest rate for all other loans made with respect to a physical disaster occurring on or after July 1, 1976, at five percent. Cancels a portion of the principal of disaster loans made with regard to a primary residence which has incurred damage of at least ten percent of its fair market value.

Authorizes the Administrator of the Small Business Administration to defer interest payments on certain disaster loans for up to three years.

Introduced in SenateApr 19, 197700

Amends the Small Business Act to authorize the making of economic injury disaster loans not in excess of $100,000 each to small businesses where a disaster has occurred but where a disaster has not been declared by the Governor of a State, provided that the Small Business Administration has determined that such businesses have suffered economic injury as a result of the disaster and are in need of financial assistance which is not available on reasonable terms in the disaster-stricken area.