S.599 - Private Disaster Loans Act of 2007110th Congress (2007-2008)
|Sponsor:||Sen. Snowe, Olympia J. [R-ME] (Introduced 02/14/2007)|
|Committees:||Senate - Small Business and Entrepreneurship|
|Latest Action:||02/14/2007 Read twice and referred to the Committee on Small Business and Entrepreneurship. (text of measure as introduced: CR S1977) (All Actions)|
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Summary: S.599 — 110th Congress (2007-2008)All Bill Information (Except Text)
Introduced in Senate (02/14/2007)
Private Disaster Loans Act of 2007 - Amends the Small Business Act to authorize the Administrator of the Small Business Administration (SBA) to guarantee timely payment of principal and interest on any loan issued by a qualified private lender to an eligible small business located in a disaster area. Authorizes the Administrator to establish an online application process for such loans.
Authorizes the Administrator to guarantee up to 85 percent of such a loan. Sets the maximum amount of such a loan at $2 million.