H.R.2317 - A bill to amend the Small Business Act to provide assistance to areas of economic dislocation in the United States that is the result of drastic fluctuation in the value of the currency in a country contiguous to the United States.98th Congress (1983-1984)
|Sponsor:||Rep. de la Garza, E. [D-TX-15] (Introduced 03/24/1983)|
|Committees:||House - Small Business|
|Latest Action:||House - 05/10/1983 Ordered to be Reported (Amended). (All Actions)|
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Summary: H.R.2317 — 98th Congress (1983-1984)All Information (Except Text)
Introduced in House (03/24/1983)
Amends the Small Business Act to authorize the Small Business Administration to make loans to small businesses in areas of economic dislocation resulting from drastic fluctuation in the value of the currency of a country contiguous to the United States and adjustments in the regulation of its monetary system. Requires that such economic dislocation be of such magnitude that without the benefit of the loans under this Act a significant number of otherwise financially sound small businesses in those areas would become insolvent or would be unable to return quickly to their former level of operation. Limits each loan to a maximum of $100,000. Prohibits the use of loan proceeds to reduce other loans. Permits the deferral of loan repayment for one year.
Requires the SBA to permit the deferral for one year of repayment of direct or guaranteed loans previously or subsequently made under the Small Business Act to small businesses in areas of economic dislocation, unless they have not suffered substantial economic injury as a result of such economic dislocation.