H.R.5991 - American Metalworking Manufacturers Support Act111th Congress (2009-2010)
|Sponsor:||Rep. Murphy, Christopher [D-CT-5] (Introduced 07/30/2010)|
|Committees:||House - Small Business; Ways and Means|
|Latest Action:||House - 07/30/2010 Referred to House Ways and Means (All Actions)|
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Summary: H.R.5991 — 111th Congress (2009-2010)All Information (Except Text)
Introduced in House (07/30/2010)
American Metalworking Manufacturers Support Act - Directs the Administrator of the Small Business Administration (SBA) to: (1) carry out a program to provide business stabilization loans to viable small metalworking businesses that have a qualifying SBA small business loan and are experiencing immediate financial hardship; and (2) establish a technical assistance program to assist a bank or other financial institution to provide such loans to such businesses. Prohibits the Administrator from charging any loan fees.
Makes specified funds available to the Secretary of the Treasury for the loan program. Limits each loan to a maximum of $3 million and 18 months, without interest.
Amends the Internal Revenue Code to provide a small metalworking business tax credit of 30% of the amount paid or incurred for metal parts, components, or assemblies produced for the taxpayer under a contract between the taxpayer and a small metalworking business.