S.918 - Military Reservists Small Business Relief Act of 1999106th Congress (1999-2000)
|Sponsor:||Sen. Kerry, John F. [D-MA] (Introduced 04/29/1999)|
|Committees:||Senate - Small Business | House - Small Business|
|Committee Reports:||S. Rept. 106-84|
|Latest Action:||07/29/1999 Referred to the House Committee on Small Business.|
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Summary: S.918 — 106th Congress (1999-2000)All Bill Information (Except Text)
Passed Senate amended (07/27/1999)
Military Reservists Small Business Relief Act of 1999 - Amends the Small Business Act to require the Small Business Administration (SBA), upon written request, to defer repayment of principal and interest due on a direct general business or disaster loan made to a member of the reserves ordered to active duty during a period of military conflict, as long as such reservist: (1) received the loan before being ordered to such duty; and (2) is an essential employee of a small business for which the loan was made. Extends such deferral period until 180 days after such reservist is discharged or released from active duty. Directs the SBA to encourage lenders and loan intermediaries participating in other SBA loan programs to defer repayment of similar loans as well as loans made under the Small Business Investment Act of 1958.
Authorizes the SBA to make disaster loans to assist a small business that has or is likely to suffer economic injury as the result of the essential employee of such business being ordered to active duty during a period of military conflict. Extends such assistance until 90 days after such reservist is discharged or released from such duty. Provides a loan limitation. Applies such assistance to periods of military conflict occurring on or after March 24, 1999.
Directs the SBA to utilize its entrepreneurial development and management assistance programs to provide business counseling and training to any small business adversely affected by the deployment of units of U.S. armed forces in support of a period of military conflict. Requires the SBA, for the duration of Operation Allied Force and 120 days thereafter, to enhance its publicity of the availability of such assistance.