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

There is one summary for H.R.3042. Bill summaries are authored by CRS.

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Introduced in House (09/23/2011)

Disaster Loan Fairness Act of 2011 - Requires that, when the President declares a major disaster, the interest rates for any loan programs or guarantees under the Small Business Act or Small Business Investment Act of 1958, including home disaster loans, business physical disaster loans, and economic injury disaster loans, shall be 1% for eligible applicants in the declared disaster area, with or without other available credit.

Makes such rates applicable for the duration of all loans and guarantees made while the declaration is in effect.