H.R.902 - Small Business Desert Storm Loan Relief Act of 1991102nd Congress (1991-1992)
|Sponsor:||Rep. LaFalce, John J. [D-NY-32] (Introduced 02/06/1991)|
|Committees:||House - Small Business|
|Latest Action:||03/21/1991 Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 54.|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
Summary: H.R.902 — 102nd Congress (1991-1992)All Bill Information (Except Text)
Passed House amended (03/19/1991)
Small Business Desert Storm Loan Relief Act of 1991 - Amends the Small Business Act to direct the Small Business Administration (SBA) to liberally construe this Act to benefit persons called to active duty in the military service of the United States.
Authorizes the SBA to: (1) extend the term of any direct loan or debenture for up to five years beyond the maximum legal term; and (2) waive or modify minimum time periods or minimum income declines, if appropriate.
Directs the SBA to temporarily suspend the repayment obligation under a direct SBA loan if the borrower or any person jointly liable with the borrower is called to active duty in the military service subsequent to the disbursement of the loan proceeds.
Directs the SBA to suspend or reduce the repayment obligation of a small business concern under an SBA loan made to a partnership or corporation if it determines that the repayment ability of the borrower has been substantially impaired due to the entry on active duty of any person who is a principal owner, manager, or key employee of such borrower.
Authorizes the SBA to make all or part of any payments due to a person pursuant to the terms of an SBA guaranteed loan if it determines that the repayment ability of the borrower has been substantially impaired due to the entry on active of any person who is a principal owner, manager, or key employee of such borrower. Declares these to be disaster loans under the Small Business Administration Act. Directs the SBA to transfer from the disaster loan fund to the business loan and investment fund an amount equal to any interest and principal payments on loans suspended or reduced pursuant to this Act. Authorizes the SBA to extend loan terms or repayment schedules up to five years.
Authorizes the SBA to make disaster loans to a small business concern which has suffered economic injury due to Operation Desert Storm/Shield. Sets forth maximum loan guidelines.
Directs the SBA to issue interim final rules and implementing regulations within ten days of enactment of this Act.