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‘‘(D) A comparison between—
‘‘(i) the information provided under
subparagraph (C) with respect to the 12-
month period preceding the date on which
the report is submitted; and
‘‘(ii) the same information with re-
spect to loans foreclosed and liquidated, or
otherwise treated, by the Administration
during the same period.
‘‘(E) The number of times that the Admin-
istration has failed to approve or reject a liq-
uidation plan in accordance with subparagraph
(A)(i), a workout plan in accordance with sub-
paragraph (C)(i), or to approve or deny a re-
quest for purchase of indebtedness under sub-
paragraph (B)(i), including specific information
regarding the reasons for the Administration’s
failure and any delays that resulted.’’.
(b) REGULATIONS.—
(1) IN
GENERAL.—Not later than 150 days
after the date of enactment of this Act, the Adminis-
trator shall issue such regulations as may be nec-
essary to carry out section 510 of the Small Busi-
ness Investment Act of 1958, as added by subsection
(a) of this section.
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(2) TERMINATION OF PILOT PROGRAM.—Begin-
ning on the date which the final regulations are
issued under paragraph (1), section 204 of the
Small Business Programs Improvement Act of 1996
(15 U.S.C. 695 note) shall cease to have effect.
TITLE 
IV—CORRECTIONS 
TO
THE 
SMALL 
BUSINESS 
IN-
VESTMENT ACT OF 1958
SEC. 401. SHORT TITLE.
This title may be cited as the ‘‘Small Business Invest-
ment Corrections Act of 2000’’.
SEC. 402. DEFINITIONS.
(a) 
SMALL
BUSINESS
CONCERN.—Section
103(5)(A)(i) of the Small Business Investment Act of
1958 (15 U.S.C. 662(5)(A)(i)) is amended by inserting
‘‘regardless of the allocation of control during the invest-
ment period under any investment agreement between the
business concern and the entity making the investment’’
before the semicolon at the end.
(b) LONG TERM.—Section 103 of the Small Business
Investment Act of 1958 (15 U.S.C. 662) is amended—
(1) in paragraph (15), by striking ‘‘and’’ at the
end;
(2) in paragraph (16), by striking the period at
the end and inserting ‘‘; and’’; and
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(3) by adding at the end the following new
paragraph:
‘‘(17) the term ‘long term’, when used in con-
nection with equity capital or loan funds invested in
any small business concern or smaller enterprise,
means any period of time not less than 1 year.’’.
SEC. 403. INVESTMENT IN SMALL BUSINESS INVESTMENT
COMPANIES.
Section 302(b) of the Small Business Investment Act
of 1958 (15 U.S.C. 682(b)) is amended—
(1) by striking ‘‘(b) Notwithstanding’’ and in-
serting the following:
‘‘(b) FINANCIAL INSTITUTION INVESTMENTS.—
‘‘(1) CERTAIN BANKS.—Notwithstanding’’; and
(2) by adding at the end the following:
‘‘(2) CERTAIN
SAVINGS
ASSOCIATIONS.—Not-
withstanding any other provision of law, any Federal
savings association may invest in any 1 or more
small business investment companies, or in any enti-
ty established to invest solely in small business in-
vestment companies, except that in no event may the
total amount of such investments by any such Fed-
eral savings association exceed 5 percent of the cap-
ital and surplus of the Federal savings association.’’.
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SEC. 404. SUBSIDY FEES.
(a) DEBENTURES.—Section 303(b) of the Small
Business Investment Act of 1958 (15 U.S.C. 683(b)) is
amended by striking ‘‘plus an additional charge of 1 per-
cent per annum which shall be paid to and retained by
the Administration’’ and inserting ‘‘plus, for debentures
issued after September 30, 2000, an additional charge, in
an amount established annually by the Administration, of
not more than 1 percent per year as necessary to reduce
to zero the cost (as defined in section 502 of the Federal
Credit Reform Act of 1990 (2 U.S.C. 661a)) to the Ad-
ministration of purchasing and guaranteeing debentures
under this Act, which shall be paid to and retained by
the Administration’’.
(b) PARTICIPATING SECURITIES.—Section 303(g)(2)
of the Small Business Investment Act of 1958 (15 U.S.C.
683(g)(2)) is amended by striking ‘‘plus an additional
charge of 1 percent per annum which shall be paid to and
retained by the Administration’’ and inserting ‘‘plus, for
participating securities issued after September 30, 2000,
an additional charge, in an amount established annually
by the Administration, of not more than 1 percent per
year as necessary to reduce to zero the cost (as defined
in section 502 of the Federal Credit Reform Act of 1990
(2 U.S.C. 661a)) to the Administration of purchasing and
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guaranteeing participating securities under this Act, which
shall be paid to and retained by the Administration’’.
SEC. 405. DISTRIBUTIONS.
Section 303(g)(8) of the Small Business Investment
Act of 1958 (15 U.S.C. 683(g)(8)) is amended—
(1) by striking ‘‘subchapter s corporation’’ and
inserting ‘‘subchapter S corporation’’;
(2) by striking ‘‘the end of any calendar quarter
based on a quarterly’’ and inserting ‘‘any time dur-
ing any calendar quarter based on an’’; and
(3) by striking ‘‘quarterly distributions for a
calendar year,’’ and inserting ‘‘interim distributions
for a calendar year,’’.
SEC. 406. CONFORMING AMENDMENT.
Section 310(c)(4) of the Small Business Investment
Act of 1958 (15 U.S.C. 687b(c)(4)) is amended by strik-
ing ‘‘five years’’ and inserting ‘‘1 year’’.
TITLE V—REAUTHORIZATION OF
SMALL BUSINESS PROGRAMS
SEC. 501. SHORT TITLE.
This title may be cited as the ‘‘Small Business Reau-
thorization Act of 2000’’.
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SEC. 502. REAUTHORIZATION OF SMALL BUSINESS PRO-
GRAMS.
Section 20 of the Small Business Act (15 U.S.C. 631
note) is amended by adding at the end the following:
‘‘(g) FISCAL YEAR 2001.—
‘‘(1) PROGRAM
LEVELS.—The following pro-
gram levels are authorized for fiscal year 2001:
‘‘(A) For the programs authorized by this
Act, the Administration is authorized to
make—
‘‘(i) $45,000,000 in technical assist-
ance grants as provided in section 7(m);
and
‘‘(ii) $60,000,000 in direct loans, as
provided in 7(m).
‘‘(B) For the programs authorized by this
Act, the Administration is authorized to make
$19,050,000,000 in deferred participation loans
and other financings. Of such sum, the Admin-
istration is authorized to make—
‘‘(i) $14,500,000,000 in general busi-
ness loans as provided in section 7(a);
‘‘(ii) $4,000,000,000 in financings as
provided in section 7(a)(13) of this Act
and section 504 of the Small Business In-
vestment Act of 1958;
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‘‘(iii) $500,000,000 in loans as pro-
vided in section 7(a)(21); and
‘‘(iv) $50,000,000 in loans as pro-
vided in section 7(m).
‘‘(C) For the programs authorized by title
III of the Small Business Investment Act of
1958, the Administration is authorized to
make—
‘‘(i) $2,500,000,000 in purchases of
participating securities; and
‘‘(ii) $1,500,000,000 in guarantees of
debentures.
‘‘(D) For the programs authorized by part
B of title IV of the Small Business Investment
Act of 1958, the Administration is authorized
to enter into guarantees not to exceed
$4,000,000,000 of which not more than 50 per-
cent may be in bonds approved pursuant to sec-
tion 411(a)(3) of that Act.
‘‘(E) The Administration is authorized to
make grants or enter cooperative agreements
for a total amount of $5,000,000 for the Serv-
ice Corps of Retired Executives program au-
thorized by section 8(b)(1).
‘‘(2) ADDITIONAL AUTHORIZATIONS.—
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‘‘(A) There are authorized to be appro-
priated to the Administration for fiscal year
2001 such sums as may be necessary to carry
out the provisions of this Act not elsewhere pro-
vided for, including administrative expenses and
necessary loan capital for disaster loans pursu-
ant to section 7(b), and to carry out title IV of
the Small Business Investment Act of 1958, in-
cluding salaries and expenses of the Adminis-
tration.
‘‘(B) Notwithstanding any other provision
of this paragraph, for fiscal year 2001—
‘‘(i) no funds are authorized to be
used as loan capital for the loan program
authorized by section 7(a)(21) except by
transfer from another Federal department
or agency to the Administration, unless the
program level authorized for general busi-
ness loans under paragraph (1)(B)(i) is
fully funded; and
‘‘(ii) the Administration may not ap-
prove loans on its own behalf or on behalf
of any other Federal department or agen-
cy, by contract or otherwise, under terms
and conditions other than those specifically
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authorized under this Act or the Small
Business Investment Act of 1958, except
that it may approve loans under section
7(a)(21) of this Act in gross amounts of
not more than $1,250,000.
‘‘(h) FISCAL YEAR 2002.—
‘‘(1) PROGRAM
LEVELS.—The following pro-
gram levels are authorized for fiscal year 2002:
‘‘(A) For the programs authorized by this
Act, the Administration is authorized to
make—
‘‘(i) $60,000,000 in technical assist-
ance grants as provided in section 7(m);
and
‘‘(ii) $80,000,000 in direct loans, as
provided in 7(m).
‘‘(B) For the programs authorized by this
Act, the Administration is authorized to make
$20,050,000,000 in deferred participation loans
and other financings. Of such sum, the Admin-
istration is authorized to make—
‘‘(i) $15,000,000,000 in general busi-
ness loans as provided in section 7(a);
‘‘(ii) $4,500,000,000 in financings as
provided in section 7(a)(13) of this Act
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and section 504 of the Small Business In-
vestment Act of 1958;
‘‘(iii) $500,000,000 in loans as pro-
vided in section 7(a)(21); and
‘‘(iv) $50,000,000 in loans as pro-
vided in section 7(m).
‘‘(C) For the programs authorized by title
III of the Small Business Investment Act of
1958, the Administration is authorized to
make—
‘‘(i) $3,500,000,000 in purchases of
participating securities; and
‘‘(ii) $2,500,000,000 in guarantees of
debentures.
‘‘(D) For the programs authorized by part
B of title IV of the Small Business Investment
Act of 1958, the Administration is authorized
to enter into guarantees not to exceed
$5,000,000,000 of which not more than 50 per-
cent may be in bonds approved pursuant to sec-
tion 411(a)(3) of that Act.
‘‘(E) The Administration is authorized to
make grants or enter cooperative agreements
for a total amount of $6,000,000 for the Serv-
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ice Corps of Retired Executives program au-
thorized by section 8(b)(1).
‘‘(2) ADDITIONAL AUTHORIZATIONS.—
‘‘(A) There are authorized to be appro-
priated to the Administration for fiscal year
2002 such sums as may be necessary to carry
out the provisions of this Act not elsewhere pro-
vided for, including administrative expenses and
necessary loan capital for disaster loans pursu-
ant to section 7(b), and to carry out title IV of
the Small Business Investment Act of 1958, in-
cluding salaries and expenses of the Adminis-
tration.
‘‘(B) Notwithstanding any other provision
of this paragraph, for fiscal year 2002—
‘‘(i) no funds are authorized to be
used as loan capital for the loan program
authorized by section 7(a)(21) except by
transfer from another Federal department
or agency to the Administration, unless the
program level authorized for general busi-
ness loans under paragraph (1)(B)(i) is
fully funded; and
‘‘(ii) the Administration may not ap-
prove loans on its own behalf or on behalf
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of any other Federal department or agen-
cy, by contract or otherwise, under terms
and conditions other than those specifically
authorized under this Act or the Small
Business Investment Act of 1958, except
that it may approve loans under section
7(a)(21) of this Act in gross amounts of
not more than $1,250,000.
‘‘(i) FISCAL YEAR 2003.—
‘‘(1) PROGRAM
LEVELS.—The following pro-
gram levels are authorized for fiscal year 2003:
‘‘(A) For the programs authorized by this
Act, the Administration is authorized to
make—
‘‘(i) $70,000,000 in technical assist-
ance grants as provided in section 7(m);
and
‘‘(ii) $100,000,000 in direct loans, as
provided in 7(m).
‘‘(B) For the programs authorized by this
Act, the Administration is authorized to make
$21,550,000,000 in deferred participation loans
and other financings. Of such sum, the Admin-
istration is authorized to make—
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‘‘(i) $16,000,000,000 in general busi-
ness loans as provided in section 7(a);
‘‘(ii) $5,000,000,000 in financings as
provided in section 7(a)(13) of this Act
and section 504 of the Small Business In-
vestment Act of 1958;
‘‘(iii) $500,000,000 in loans as pro-
vided in section 7(a)(21); and
‘‘(iv) $50,000,000 in loans as pro-
vided in section 7(m).
‘‘(C) For the programs authorized by title
III of the Small Business Investment Act of
1958, the Administration is authorized to
make—
‘‘(i) $4,000,000,000 in purchases of
participating securities; and
‘‘(ii) $3,000,000,000 in guarantees of
debentures.
‘‘(D) For the programs authorized by part
B of title IV of the Small Business Investment
Act of 1958, the Administration is authorized
to enter into guarantees not to exceed
$6,000,000,000 of which not more than 50 per-
cent may be in bonds approved pursuant to sec-
tion 411(a)(3) of that Act.
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‘‘(E) The Administration is authorized to
make grants or enter into cooperative agree-
ments for a total amount of $7,000,000 for the
Service Corps of Retired Executives program
authorized by section 8(b)(1).
‘‘(2) ADDITIONAL AUTHORIZATIONS.—
‘‘(A) There are authorized to be appro-
priated to the Administration for fiscal year
2003 such sums as may be necessary to carry
out the provisions of this Act not elsewhere pro-
vided for, including administrative expenses and
necessary loan capital for disaster loans pursu-
ant to section 7(b), and to carry out title IV of
the Small Business Investment Act of 1958, in-
cluding salaries and expenses of the Adminis-
tration.
‘‘(B) Notwithstanding any other provision
of this paragraph, for fiscal year 2003—
‘‘(i) no funds are authorized to be
used as loan capital for the loan program
authorized by section 7(a)(21) except by
transfer from another Federal department
or agency to the Administration, unless the
program level authorized for general busi-
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ness loans under paragraph (1)(B)(i) is
fully funded; and
‘‘(ii) the Administration may not ap-
prove loans on its own behalf or on behalf
of any other Federal department or agen-
cy, by contract or otherwise, under terms
and conditions other than those specifically
authorized under this Act or the Small
Business Investment Act of 1958, except
that it may approve loans under section
7(a)(21) of this Act in gross amounts of
not more than $1,250,000.’’.
SEC. 503. ADDITIONAL REAUTHORIZATIONS.
(a) SMALL BUSINESS DEVELOPMENT CENTERS PRO-
GRAM.—Section 21(a)(4)(C)(iii)(III) of the Small Busi-
ness Act (15 U.S.C. 648(a)(4)(C)(iii)(III)) is amended by
striking ‘‘$95,000,000’’ and inserting ‘‘$125,000,000’’.
(b) DRUG-FREE WORKPLACE PROGRAM.—Section 27
of the Small Business Act (15 U.S.C. 654) is amended—
(1) in the section heading, by striking
‘‘DRUG-FREE 
WORKPLACE 
DEM-
ONSTRATION PROGRAM’’ and inserting
‘‘PAUL 
D. 
COVERDELL 
DRUG-FREE
WORKPLACE PROGRAM’’; and
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(2) 
in 
subsection 
(g)(1), 
by 
striking
‘‘$10,000,000 for fiscal years 1999 and 2000’’ and
inserting ‘‘$5,000,000 for each of fiscal years 2001
through 2003’’.
(c) HUBZONE PROGRAM.—Section 31 of the Small
Business Act (15 U.S.C. 657a) is amended by adding at
the end the following new subsection:
‘‘(d) AUTHORIZATION OF APPROPRIATIONS.—There
is authorized to be appropriated to carry out the program
established by this section $10,000,000 for each of fiscal
years 2001 through 2003.’’.
(d) WOMEN’S BUSINESS ENTERPRISE DEVELOP-
MENT PROGRAMS.—Section 411 of the Women’s Business
Ownership Act (Public Law 105–135; 15 U.S.C. 631 note)
is amended by striking ‘‘$600,000, for each of fiscal years
1998 through 2000,’’ and inserting ‘‘$1,000,000 for each
of fiscal years 2001 through 2003,’’.
(e) VERY SMALL BUSINESS CONCERNS PROGRAM.—
Section 304(i) of the Small Business Administration Re-
authorization and Amendments Act of 1994 (Public Law
103–403; 15 U.S.C. 644 note) is amended by striking
‘‘September 30, 2000’’ and inserting ‘‘September 30,
2003’’.
(f) SOCIALLY AND ECONOMICALLY DISADVANTAGED
BUSINESSES PROGRAM.—Section 7102(c) of the Federal