S 653

112th CONGRESS
1st Session

S. 653

To allow the Administrator of the Small Business Administration to create or save jobs by providing interest relief on certain outstanding disaster loans relating to damage caused by the 2005 Gulf Coast hurricanes or the 2008 Gulf Coast hurricanes.

IN THE SENATE OF THE UNITED STATES

March 28, 2011

Ms. LANDRIEU (for herself, Mr. WICKER, and Mr. COCHRAN) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship


A BILL

To allow the Administrator of the Small Business Administration to create or save jobs by providing interest relief on certain outstanding disaster loans relating to damage caused by the 2005 Gulf Coast hurricanes or the 2008 Gulf Coast hurricanes.

    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 2011'.

SEC. 2. SOUTHEAST HURRICANES SMALL BUSINESS DISASTER RELIEF PROGRAM.

    (a) In General- Section 12086 of the Food, Conservation, and Energy Act of 2008 (Public Law 110-234; 122 Stat. 1422) is amended to read as follows:

`SEC. 12086. SOUTHEAST HURRICANES SMALL BUSINESS DISASTER RELIEF PROGRAM.

    `(a) Definitions- In this section--

      `(1) the term `covered area' means an area in the State of Louisiana, the State of Mississippi, the State of Alabama, or the State of Texas for which the President declared a major disaster relating to Hurricane Katrina of 2005, Hurricane Rita of 2005, Hurricane Gustav of 2008, or Hurricane Ike of 2008;

      `(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 covered area;

      `(3) the term `Deepwater Horizon oil spill' means the blowout and explosion of the mobile offshore drilling unit Deepwater Horizon that occurred on April 20, 2010, and resulting hydrocarbon releases into the environment; and

      `(4) the term `program' means the Southeast Hurricanes Small Business Disaster Relief Program established under subsection (b).

    `(b) 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.

    `(c) Priority of Applications- The Administrator shall, to the extent practicable, give priority to an application for a waiver of payment of interest under the program by a small business concern--

      `(1) with not more than 50 employees;

      `(2) that demonstrates substantial economic injury as a result of the Deepwater Horizon oil spill; or

      `(3) that resumed business operations--

        `(A) during the period beginning on September 1, 2005 and ending on October 1, 2006 in a covered area relating to Hurricane Katrina of 2005 or Hurricane Rita of 2005; or

        `(B) during the period beginning on September 1, 2008 and ending on January 1, 2009 in a covered area relating to Hurricane Gustav of 2008 or Hurricane Ike of 2008.

    `(d) Reimbursement by Responsible Party- The Administrator may present a claim to the responsible party (as defined in section 1001 of the Oil Pollution Act of 1990 (33 U.S.C. 2701)) for costs and expenses described in section 1012(a)(5) of the Oil Pollution Act of 1990 (33 U.S.C. 2712(a)(5)) relating to a waiver of interest under this section for a business suffering a substantial economic injury as a result of the Deepwater Horizon oil spill in accordance with section 1013 of the Oil Pollution Act of 1990 (33 U.S.C. 2713).

    `(e) Authorization of Appropriations- There are authorized to be appropriated to the Administrator such sums as may be necessary to carry out the program.

    `(f) Termination of Program- The Administrator may not approve an application under the program after March 31, 2012.'.

    (b) Savings Clause- A loan refinanced under section 12086 of the Food, Conservation, and Energy Act of 2008 (Public Law 110-234; 122 Stat. 1422) before the date of enactment of this Act shall remain in full force and effect under the terms, and for the duration, of the loan (including any option to defer repayment).

    (c) Technical and Conforming Amendment- The table of contents in section 1(b) of the Food, Conservation, and Energy Act of 2008 (Public Law 110-234; 122 Stat. 933) is amended by striking the item relating to section 12086 and inserting the following:

      `Sec. 12086. Southeast Hurricanes Small Business Disaster Relief Program.'.

END