Summary: S.2831 — 114th Congress (2015-2016)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Reported to Senate with amendment(s) (05/24/2016)

(Sec. 1) This bill amends the Small Business Investment Act of 1958 to require the Small Business Administration (SBA) to give priority to small business investment company (SBIC) applications for licenses to operate in a declared major disaster area.

In calculating the outstanding leverage (debt) of one or more licensed SBICs in view of the maximum leverage allowed for debenture or loan guarantee purposes, the SBA shall not include the cost basis of any investment made by an SBIC in a small business concern in a major disaster area during the one-year period beginning on the date of the disaster declaration.