Text: H.R.3042 — 112th Congress (2011-2012)All Bill Information (Except Text)

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Introduced in House (09/23/2011)


112th CONGRESS
1st Session
H. R. 3042

To provide for low interest loans for small businesses in major disaster areas, and for other purposes.


IN THE HOUSE OF REPRESENTATIVES
September 23, 2011

Mr. Barletta (for himself, Mr. Young of Alaska, Mr. Marino, Mr. Kelly, Mr. Holden, Mr. Fitzpatrick, Mr. Welch, Mr. Pitts, and Mr. Platts) introduced the following bill; which was referred to the Committee on Small Business


A BILL

To provide for low interest loans for small businesses in major disaster areas, and for other purposes.

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

SECTION 1. Short title.

This Act may be cited as the “Disaster Loan Fairness Act of 2011”.

SEC. 2. In general.

When the president declares a major disaster under section 401 of the Stafford Act, the interest rates for any loan programs or loan guarantee under the Small Business Act or the Small Business Investment Act of 1958, including Home Disaster Loans, Business Physical Disaster Loans, and Economic Injury Disaster Loans, will be 1 percent for eligible applicants in the disaster area, with or without credit available elsewhere. This rate shall apply for the duration of all loans under such programs made while that declaration is in effect.