Formatting necessary for an accurate reading of this text may be shown by tags (e.g., <DELETED> or <BOLD>) or may be missing from this TXT display. For complete and accurate display of this text, see the PDF.
[Pages S5320-S5321]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
REBUILDING SMALL BUSINESSES AFTER DISASTERS ACT
Mr. McCONNELL. Mr. President, I ask unanimous consent that the Senate
proceed to the immediate consideration of Calendar No. 54, S. 862.
The senior assistant legislative clerk read as follows:
A bill (S. 862) to repeal the sunset for collateral
requirements for Small Business Administration disaster
loans.
There being no objection, the Senate proceeded to consider the bill
which had been reported from the Committee on Small Business and
Entrepreneurship.
Mr. McCONNELL. I ask unanimous consent that the Kennedy amendment at
the desk be agreed to, and the bill, as amended, be considered read a
third time.
The PRESIDING OFFICER. Without objection, it is so ordered.
The amendment (No. 936), in the nature of a substitute, was agreed to
as follows:
(Purpose: In the nature of a substitute)
Strike all after the enacting clause and insert the
following:
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Rebuilding Small Businesses
After Disasters Act''.
[[Page S5321]]
SEC. 2. EXTENSION OF SUNSET FOR COLLATERAL REQUIREMENTS FOR
SBA DISASTER LOANS.
Section 2102(b) of the RISE After Disaster Act of 2015 (15
U.S.C. 636 note) is amended, in the matter preceding
paragraph (1), by striking ``4 years'' and inserting ``7
years''.
SEC. 3. GAO REPORT ON DEFAULT RATES.
Not later than 1 year after the date of enactment of this
Act, the Comptroller General of the United States shall
submit to the Committee on Small Business and
Entrepreneurship of the Senate and the Committee on Small
Business of the House of Representatives a report comparing--
(1) the performance, including the default rate, of loans
made under section 7(b)(1) of the Small Business Act (15
U.S.C. 636(b)(1)) during the period--
(A) beginning on January 1, 2000; and
(B) ending on the date on which the Small Business
Administration began making loans in accordance with the
amendment made by section 2102(a) of the RISE After Disaster
Act of 2015 (Public Law 114-88; 129 Stat. 690); and
(2) the performance, including the default rate, of loans
made under 7(b)(1) of the Small Business Act (15 U.S.C.
636(b)(1)) in accordance with the amendment made by section
2102(a) of the RISE After Disaster Act of 2015 (Public Law
114-88; 129 Stat. 690).
The bill was ordered to be engrossed for a third reading and was read
the third time.
Mr. McCONNELL. I know of no further debate on the bill, as amended.
The PRESIDING OFFICER. Is there further debate?
Hearing none, the bill having been read the third time, the question
is, Shall the bill pass?
The bill (S. 862), as amended, was passed.
Mr. McCONNELL. I ask unanimous consent that the Kennedy title
amendment be agreed to, and that the motions to reconsider be
considered made and laid upon the table.
The PRESIDING OFFICER. Without objection, it is so ordered.
The amendment (No. 937) was agreed to as follows:
(Purpose: To amend the title)
Amend the title so as to read: ``A bill to extend the
sunset for collateral requirements for Small Business
Administration disaster loans.''.
____________________
