A bill to direct the Secretary of Commerce to establish a program to make no-interest loans to eligible small business concerns to address economic harm resulting from shortages of, and increases in the prices of, electricity and natural gas.

Summary: Small Business Assistance Act of 2001 - Directs the Secretary of Commerce to establish a program to make no-interest loans to certain small businesses that: (1) are not covered by a State program limiting retail electricity rates; and (2) are located in California, are business customers of specified utilities, and have specified electric or natural gas usage rates; or (3) are located in other States and have experienced an increase in electricity or natural gas costs of not less than 100 percent. Establishes the Small Business Energy Expense Assistance Fund to fund such loans.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small Business Assistance Act of 
2001''.

SEC. 2. DEFINITIONS.

    In this Act:
            (1) Eligible small business concern.--The term ``eligible 
        small business concern'' means an entity that--
                    (A) is a small business concern within the meaning 
                of section 3 of the Small Business Act (15 U.S.C. 632);
                    (B) is not covered by a State-mandated program that 
                limits retail electric commodity rates; and
                    (C)(i) in the case of an entity located in the 
                State of California--
                                    (I) is a commercial business 
                                customer of Pacific Gas and Electric 
                                Company, Southern California Edison, or 
                                San Diego Gas & Electric; and
                                    (II)(aa) has an electricity usage 
                                rate that, during the period beginning 
                                June 1, 2000, has never exceeded 300 
                                kilowatts per hour; or
                                    (bb) has a natural gas consumption 
                                rate that, during the period beginning 
                                June 1, 2000, has never exceeded 300 
                                therms per month; or
                            (ii) in the case of an entity located in 
                        any other State, experienced an increase in the 
                        entity's expenses for electricity or natural 
                        gas of not less than 100 percent, as determined 
                        by comparing--
                                    (I) the monthly average of those 
                                expenses for the period of March 
                                through May 2000; and
                                    (II) the monthly average of those 
                                expenses for the period of June through 
                                August 2000.
            (2) Fund.--The term ``Fund'' means the Small Business 
        Energy Expense Assistance Fund established by section 3(b).
            (3) Program.--The term ``program'' means the small business 
        assistance program established under section 3(a).
            (4) Secretary.--The term ``Secretary'' means the Secretary 
        of Commerce, acting through the Assistant Secretary of Commerce 
        for Economic Development.

SEC. 3. SMALL BUSINESS ASSISTANCE PROGRAM.

    (a) In General.--Using amounts in the Fund, the Secretary shall 
establish a program to make no-interest loans to eligible small 
business concerns.
    (b) Small Business Energy Expense Assistance Fund.--
            (1) Establishment.--There is established in the Treasury of 
        the United States a revolving fund to be used in carrying out 
        the program, to be known as the ``Small Business Energy Expense 
        Assistance Fund'', consisting of--
                    (A) such amounts as are appropriated to the Fund 
                under paragraph (2);
                    (B) such amounts as are appropriated to the Fund 
                under section 4; and
                    (C) any interest earned on investment of amounts in 
                the Fund under paragraph (4).
            (2) Transfers to fund.--There are appropriated to the Fund 
        amounts equivalent to amounts repaid on loans under the 
        program.
            (3) Expenditures from fund.--
                    (A) In general.--Subject to subparagraph (B), upon 
                request by the Secretary, the Secretary of the Treasury 
                shall transfer from the Fund to the Secretary such 
                amounts as the Secretary determines are necessary to 
                carry out the program.
                    (B) Administrative expenses.--An amount not to 
                exceed $250,000 shall be available to pay the 
                administrative expenses necessary to carry out the 
                program.
            (4) Investment of amounts.--
                    (A) In general.--The Secretary of the Treasury 
                shall invest such portion of the Fund as is not, in the 
                judgment of the Secretary of the Treasury, required to 
                meet current withdrawals. Investments may be made only 
                in interest-bearing obligations of the United States.
                    (B) Acquisition of obligations.--For the purpose of 
                investments under subparagraph (A), obligations may be 
                acquired--
                            (i) on original issue at the issue price; 
                        or
                            (ii) by purchase of outstanding obligations 
                        at the market price.
                    (C) Sale of obligations.--Any obligation acquired 
                by the Fund may be sold by the Secretary of the 
                Treasury at the market price.
                    (D) Credits to fund.--The interest on, and the 
                proceeds from the sale or redemption of, any 
                obligations held in the Fund shall be credited to and 
                form a part of the Fund.
            (5) Transfers of amounts.--
                    (A) In general.--The amounts required to be 
                transferred to the Fund under this subsection shall be 
                transferred at least monthly from the general fund of 
                the Treasury to the Fund on the basis of estimates made 
                by the Secretary of the Treasury.
                    (B) Adjustments.--Proper adjustment shall be made 
                in amounts subsequently transferred to the extent prior 
                estimates were in excess of or less than the amounts 
                required to be transferred.

SEC. 4. AUTHORIZATION OF APPROPRIATIONS.

    There is authorized to be appropriated to the Fund $25,000,000 to 
carry out the program.