H.R.692 - An Act to amend the Small Business Act and the Small Business Investment Act of 1958 to increase loan authorization and surety bond guarantee authority; and to improve the disaster assistance, certificate of competency and small business set-aside programs, and for other purposes.95th Congress (1977-1978)
|Sponsor:||Rep. Smith, Neal Edward [D-IA-4] (Introduced 01/04/1977)|
|Committees:||House - Small Business | Senate - Small Business|
|Committee Reports:||H.Rept 95-1; H.Rept 95-535|
|Latest Action:||08/04/1977 Public Law 95-89. (All Actions)|
|Roll Call Votes:||There has been 1 roll call vote|
This bill has the status Became Law
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- Resolving Differences
- To President
- Became Law
Summary: H.R.692 — 95th Congress (1977-1978)All Information (Except Text)
(Conference report filed in House, H. Rept. 95-535)
Conference report filed in House (07/26/1977)
=Title I: Authorizations and Limitations= - Eliminates administrative expenses as items which can be financed from the disaster loan fund and the business loan and investment fund established by the Small Business Act. Repeals the aggregate amount restriction for small business loans and disaster loan fund authorizations. Makes authorizations for specified programs authorized by the Small Business Investment Act. Authorizes the appropriation of such sums as are necessary to carry out the provisions of the Small Business Act other than those for which appropriations are specifically authorized. Amends the Small Business Investment Act to eliminate appropriations to the revolving funds for lease guarantees and surety bond guarantees and the requirement that the Administrator of the Small Business Administration pay specified sums from the funds into the Treasury.
=Title II: Miscellaneous Conforming and Technical Amendments= - Requires that reports to the President and Congress concerning minority small businesses include: (1) the proportion of loans and other assistance under this Act; (2) the goals of the Administration for the next fiscal year with respect to such concerns; and (3) recommendations for improving assistance.
=Title III: Amendments to Small Business Administration Loan Authority= - Amends the Small Business Act to allow loans to be used for the financing of residential or commercial construction or rehabilitation for sale. Authorizes the Administration to assume or suspend a small business concern's obligation to make payments on a direct loan made by the Administration under the Small Business Act. Specifies conditions which must be met before the loan may be suspended or assumed.
=Title IV: Amendments to Small Business Administration Disaster Loan Authority= - Expands the coverage of disaster loans to situations which the Small Business Administration determines to be disasters and where no disaster has been declared upon the certification by the Governor of a State to the Small Business Administration that small business concerns have suffered economic injury as a result of such disaster and that financial assistance is not available on reasonable terms in the disaster-stricken area. Empowers the Administrator to make economic injury loans available to small businesses affected, by a severe, temporary, and extraordinary economic dislocation or natural conditions. Requires certification by a governor, to the Administration, that a significant number of otherwise financially sound small businesses will become insolvent or be unable to return quickly to their former level of operation unless economic injury loans are made available to them.
Sets forth the reduction of the interest rate on physical disaster loans.
Provides that the principal amount of any loan made in connection with a disaster which occurs on or after April 1, 1977, but prior to January 1, 1978, may be increased by such amount, but not more than $2,000, as the Administration determines to be reasonable in light of the amount and nature of loss, damage, or injury sustained in order to finance the installation of insulation in the property which was lost, damaged, or injured, if the uninsured damaged portion of the property is ten percent or more of the market value of the property at the time of the disaster.
=Title V: Procurement Assistance= - Amends the criteria to be considered in certification of any small business for the receipt or performance of a specific Government contract. Requires that final disposition of contract awards be made by the Administration. Describes the role of Government procurement officers and officers engaged in the sale and disposal of Federal property. Amends the Small Business Act to require the Administration to give priority in awarding contracts to concerns which shall perform a substantial proportion of the production of those contracts within areas of concentrated unemployment or under employment or within labor surplus areas.