I
107TH CONGRESS
1ST SESSION
H. R. 3085
To authorize the Administrator of the Small Business Administration to
make direct loans to small business concerns that suffered substantial
economic injury as a result of the terrorist attacks against the United
States that occurred on September 11, 2001.
IN THE HOUSE OF REPRESENTATIVES
OCTOBER 11, 2001
Mrs. KELLY introduced the following bill; which was referred to the
Committee on Small Business
A BILL
To authorize the Administrator of the Small Business Ad-
ministration to make direct loans to small business con-
cerns that suffered substantial economic injury as a re-
sult of the terrorist attacks against the United States
that occurred on September 11, 2001.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Economic Recovery
for Small Businesses Act’’.
SEC. 2. SEPTEMBER 11TH DISASTER LOAN PROGRAM.
(a) IN GENERAL.—The Administrator of the Small
Business Administration may make direct loans as the Ad-
ministrator determines to be necessary or appropriate to
any small business concern that the Administrator deter-
mines has suffered substantial economic injury as a result
of the terrorist attacks against the United States that oc-
curred on September 11, 2001.
(b) TERMINATION OF AUTHORITY.—The Adminis-
trator may not make a loan under subsection (a) after
the end of the 3-year period beginning on the date of the
enactment of this Act.
(c) INTEREST
RATE.—The Administrator shall
charge interest on any loan made under subsection (a) at
a rate of 1 percent per year.
(d) TERM OF LOANS.—The Administrator may not
make a loan under subsection (a) for a period or periods,
including renewals and extensions, that exceeds 7 years.
(e) MAXIMUM AMOUNT OF LOANS.—
(1) LIMIT PER SMALL BUSINESS CONCERN.—
The Administrator may not make a loan to a small
business concern under subsection (a) if the total
amount outstanding and committed to the small
business concern under subsection (a) would exceed
$1,500,000.
(2) LIMIT ON TOTAL.—The total amount of all
loans made under subsection (a) may not exceed
$10,000,000,000.
(f) CREDIT ELSEWHERE.—The Administrator may
make loans under subsection (a) without regard to wheth-
er the small business concern is able to obtain credit else-
where.
(g) COORDINATION WITH SMALL BUSINESS ACT.—
(1) IN
GENERAL.—Except as otherwise pro-
vided in this section, the Administrator may admin-
ister the loans made under subsection (a) in the
same manner as loans made under section 7(b)(2) of
the Small Business Act (15 U.S.C. 636(b)).
(2) SEPARATE LOAN LIMITS.—Notwithstanding
paragraph (1), the total amount outstanding and
committed to a borrower under subsection (a) shall
not be treated as outstanding and committed to such
borrower under section 7 of the Small Business Act
(15 U.S.C. 636(b)).
(3) 
FINANCIAL
INSTITUTIONS.—Notwith-
standing paragraph (1), the Administrator may
make loans under subsection (a) to small business
concerns described in subsectors 522, 523, and 524
of the North American Industry Classification Sys-
tem codes (as described in section 121.201 of title
13, Code of Federal Regulations, as in effect on
January 2, 2001).
(h) DEFINITIONS.—For purposes of this section:
(1) CREDIT
ELSEWHERE.—The term ‘‘credit
elsewhere’’ has the meaning given such term in sec-
tion 3(h) of the Small Business Act (15 U.S.C.
632(h)).
(2) SMALL
BUSINESS
CONCERN.—The term
‘‘small business concern’’ has the meaning given
such term in section 3(a) of the Small Business Act
(15 U.S.C. 632(a)).
(3) SUBSTANTIAL
ECONOMIC
INJURY.—The
term ‘‘substantial economic injury’’ has the meaning
given such term in section 7(b)(3)(A)(iii) of the
Small Business Act (15 U.S.C. 636(b)(3)(A)(iii)).
(i) AUTHORIZATION
OF APPROPRIATIONS.—There
are authorized to be appropriated such sums as may be
necessary to carry out this section, which sums shall re-
main available until expended.
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