To provide economic relief to general aviation small business concerns that have suffered substantial economic injury as a result of the terrorist attacks perpetrated against the United States on September 11, 2001.

Summary: General Aviation Small Business Relief Act of 2001 - Amends the Small Business Act to direct the Small Business Administration to make grants to general aviation small business concerns in amounts equal to direct losses sustained since September 11, 2001, as a result of any Federal ground stop order(s) related to the terrorist attacks. Authorizes loans to assist such a business that has suffered, as a result of such attacks, substantial economic injury that is not incidental to the business's revenue and that is not compensated for by insurance or otherwise.Extends the due date for excise tax deposits for general aviation small business concerns.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``General Aviation Small Business 
Relief Act of 2001''.

SEC. 2. SMALL BUSINESS ASSISTANCE.

    (a) In General.--Section 7(b) of the Small Business Act (15 U.S.C. 
636(b)) is amended by adding after paragraph (3) the following:
            ``(4) General aviation small business relief.--
                    ``(A) Grant and loan authority.--Notwithstanding 
                any other provision of law, the Administration--
                            ``(i) shall, upon application, make grants 
                        to general aviation small business concerns in 
                        an amount equal to the amount of direct losses 
                        incurred by each such small business concern 
                        beginning on September 11, 2001, as a result of 
                        any Federal ground stop order issued by the 
                        Secretary of Transportation or any subsequent 
                        order which continues or renews such a stoppage 
                        related to the terrorist attacks occurring on 
                        September 11, 2001, with respect to general 
                        aviation small business concerns;
                            ``(ii) may make such loans (either directly 
                        or in cooperation with banks or other lending 
                        institutions through agreements to participate 
                        on an immediate or deferred basis) to assist a 
                        small business concern that--
                                    ``(I) is a general aviation small 
                                business concern; and
                                    ``(II) has suffered or that is 
                                likely to suffer as a result of the 
                                terrorist attacks perpetrated against 
                                the United States on September 11, 
                                2001, substantial economic injury that 
                                is not incidental to the revenue of 
                                that small business concern and is not 
                                compensated for by insurance or 
                                otherwise.
                    ``(B) Terms.--With respect to a loan under this 
                paragraph--
                            ``(i) no interest rate shall apply to the 
                        loan, and no interest shall accrue on the loan, 
                        during the 1-year period beginning on the date 
                        on which the loan is issued; and
                            ``(ii) after the 1-year period described in 
                        clause (i), the applicable interest rate and 
                        other terms and conditions shall be the same as 
                        the interest rate and other terms and 
                        conditions as are applicable to economic injury 
                        loans under paragraph (2).
                    ``(D) No effect on loan limits.--A grant or loan 
                under this paragraph shall be in addition to any other 
                grant or loan made under this Act, notwithstanding any 
                limitation on the amounts of such grants or loans under 
                this Act.
                    ``(E) No disaster declaration required.--For 
                purposes of assistance under this paragraph, no 
                declaration of a disaster area shall be required.
                    ``(F) Definitions.--In this paragraph--
                            ``(i) the term `general aviation small 
                        business concern' means a small business 
                        concern that is a regular provider of general 
                        aviation services, including aircraft rentals 
                        and flight training instruction; and
                            ``(ii) the term `substantial economic 
                        injury' means an economic harm to a small 
                        business concern that results in the inability 
                        of the small business concern--
                                    ``(I) to meet its obligations as 
                                they mature;
                                    ``(II) to pay its ordinary and 
                                necessary operating expenses; or
                                    ``(III) to market, produce, or 
                                provide a product or service ordinarily 
                                marketed, produced, or provided by the 
                                business concern.''.
    (b) Conforming Amendments.--Section 7(b) of the Small Business Act 
(15 U.S.C. 636(b)) is amended--
            (1) in the second undesignated paragraph following 
        paragraph (4), as added by this section, by striking 
        ``paragraphs (1), (2), and (4)'' and inserting ``paragraphs (1) 
        and (2)''; and
            (2) in subparagraph (E) of such undesignated paragraph, by 
        striking ``paragraph (1), (2), or (4)'' and inserting 
        ``paragraph (1) or (2)''.
    (c) Authorization of Appropriations.--There are authorized to be 
appropriated to the Small Business Administration, such sums as may be 
necessary to carry out section 7(b)(4) of the Small Business Act, as 
added by this section, including administrative expenses, to remain 
available until expended.

SEC. 3. DEFERMENT OF SMALL BUSINESS LOAN PAYMENTS.

    (a) In General.--Notwithstanding any other provision of law, 
payments on any loan issued to a general aviation small business 
concern by the Small Business Administration shall be deferred with 
respect to principal and interest, and no interest shall accrue with 
respect to such loan, during the 1-year period following the date of 
enactment of this Act.
    (b) Resumption of Payments.--At the end of the 1-year period 
described in subsection (a), the payment of periodic installments of 
principal and interest shall be required with respect to loans 
described in subsection (a), in the same manner and subject to the same 
terms and conditions as would otherwise be applicable to such loan.
    (c) Definition.--In this section, the term ``general aviation small 
business concern'' has the same meaning as in section 7(b)(4) of the 
Small Business Act, as added by section 2 of this Act.

SEC. 4. EXTENSION OF DUE DATE FOR EXCISE TAX DEPOSITS.

    (a) Extension of Due Date for Excise Tax Deposits.--In the case of 
a general aviation small business concern, any airline-related deposit 
required under section 6302 of the Internal Revenue Code of 1986 to be 
made after September 10, 2001, and before November 15, 2001, shall be 
treated for purposes of such Code as timely made if such deposit is 
made on or before November 15, 2001. If the Secretary of the Treasury 
so prescribes, the preceding sentence shall be applied by substituting 
for ``November 15, 2001'' each place it appears--
            (1) ``January 15, 2002''; or
            (2) such earlier date after November 15, 2001, as the 
        Secretary of the Treasury may prescribe.
    (b) Definitions.--In this section--
            (1) the term ``general aviation small business concern'' 
        has the same meaning as in section 7(b)(4) of the Small 
        Business Act, as added by section 2 of this Act; and
            (2) the term ``airline-related deposit'' means any deposit 
        of taxes imposed by subchapter C of chapter 33 of the Internal 
        Revenue Code of 1986 (relating to transportation by air).