Text: S.3604 — 111th Congress (2009-2010)All Information (Except Text)

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Introduced in Senate (07/15/2010)


111th CONGRESS
2d Session
S. 3604


To extend the small business loan enhancements.


IN THE SENATE OF THE UNITED STATES

July 15, 2010

Ms. Snowe (for herself, Mr. Grassley, Mr. Enzi, Mr. Isakson, and Ms. Collins) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship


A BILL

To extend the small business loan enhancements.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Small business loan guarantee enhancement extensions.

(a) Appropriation.—There is appropriated, out of any funds in the Treasury not otherwise appropriated, for an additional amount for “Small Business Administration—Business Loans Program Account”, $480,000,000, to remain available through December 31, 2010, for the cost of—

(1) fee reductions and eliminations under section 501 of division A of the American Recovery and Reinvestment Act of 2009 (Public Law 111–5; 123 Stat. 151), as amended by this section; and

(2) loan guarantees under section 502 of division A of the American Recovery and Reinvestment Act of 2009 (Public Law 111–5; 123 Stat. 152), as amended by this section.

Such costs, including the cost of modifying such loans, shall be as defined in section 502 of the Congressional Budget Act of 1974.

(b) Extension of programs.—

(1) FEES.—Section 501 of division A of the American Recovery and Reinvestment Act of 2009 (Public Law 111–5; 123 Stat. 151) is amended by striking “September 30, 2010” each place it appears and inserting “December 31, 2010”.

(2) LOAN GUARANTEES.—Section 502(f) of division A of the American Recovery and Reinvestment Act of 2009 (Public Law 111–5; 123 Stat. 153) is amended by striking “May 31, 2010” and inserting “December 31, 2010”.

(c) Appropriation.—There is appropriated, out of any funds in the Treasury not otherwise appropriated, for an additional amount for administrative expenses to carry out sections 501 and 502 of division A of the American Recovery and Reinvestment Act of 2009 (Public Law 111–5), $5,000,000, to remain available until expended, which may be transferred and merged with the appropriation for “Small Business Administration—Salaries and Expenses”.

(d) Use of stimulus funds To offset spending.—Notwithstanding section 5 of the American Recovery and Reinvestment Act of 2009 (Public Law 111–5; 123 Stat. 116), $485,000,000 is rescinded on a pro rata basis, by account, from unobligated amounts appropriated or made available under division A of the American Recovery and Reinvestment Act of 2009 (Public Law 111–5; 123 Stat. 116) (other than under title X of division A of such Act) in order to offset the increase in spending resulting from subsections (a) and (c) of this section. The Director of the Office of Management and Budget shall report to each congressional committee the amounts rescinded under this subsection within the jurisdiction of such committee.