Title: To amend the Small Business Act to require that community development block grant funds provided for the same purpose as assistance under certain disaster relief programs of the Small Business Act be used to repay such assistance, and for other purposes.
Policy area: Commerce

Summary:
This bill amends the Small Business Act to allow certain community development block grant disaster relief funds (CDBG-DR) to be used to repay certain Small Business Administration guaranteed disaster loans.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4368 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 4368

 To amend the Small Business Act to require that community development 
  block grant funds provided for the same purpose as assistance under 
 certain disaster relief programs of the Small Business Act be used to 
             repay such assistance, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            November 9, 2017

Ms. Velazquez introduced the following bill; which was referred to the 
   Committee on Small Business, and in addition to the Committee on 
 Financial Services, for a period to be subsequently determined by the 
  Speaker, in each case for consideration of such provisions as fall 
           within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
 To amend the Small Business Act to require that community development 
  block grant funds provided for the same purpose as assistance under 
 certain disaster relief programs of the Small Business Act be used to 
             repay such assistance, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. USE OF CERTAIN DISASTER APPROPRIATIONS FOR REPAYMENT OF 
              CERTAIN DISASTER ASSISTANCE PROVIDED BY THE SMALL 
              BUSINESS ADMINISTRATION.

    Section 7(f) of the Small Business Act (15 U.S.C. 636(f)) is 
amended--
            (1) in the heading, by striking ``7(b)'' and inserting 
        ``Certain''; and
            (2) by adding at the end the following new paragraph:
            ``(2) Community development block grant disaster relief 
        funds.--
                    ``(A) Loans included.--A covered entity affected by 
                a major disaster declared by the President under 
                section 401 of the Robert T. Stafford Disaster Relief 
                and Emergency Assistance Act that received a loan 
                pursuant to subsection (b) or subsection (a)(31)(H) may 
                receive covered CDBG-DR funds, which funds may be used 
                to repay the principal and any interest accrued on the 
                loan or the amount of other assistance received.
                    ``(B) Use of other disaster assistance.--As 
                determined by the Administrator, a covered entity that 
                receives covered CDBG-DR funds on or after the date of 
                the enactment of this paragraph may use such covered 
                CDBG-DR funds to repay the principal and any interest 
                accrued on a loan or the amount of other assistance 
                received under subsection (b).
                    ``(C) Definitions.--In this paragraph:
                            ``(i) Covered cdbg-dr funds.--The term 
                        `covered CDBG-DR funds' means amounts made 
                        available for grants made under title I of the 
                        Housing and Community Development Act of 1974 
                        under an appropriations bill enacted with 
                        respect to a major disaster declared by the 
                        President under section 401 of the Robert T. 
                        Stafford Disaster Relief and Emergency 
                        Assistance Act for a particular fiscal year.
                            ``(ii) Covered entity.--The term `covered 
                        entity' means--
                                    ``(I) with respect to a loan made 
                                under subsection (a)(31)(H), a small 
                                business concern;
                                    ``(II) with respect to a loan made 
                                under subsection (b)(1), a person;
                                    ``(III) with respect to a loan made 
                                under subsection (b)(2), a small 
                                business concern, private nonprofit 
                                organization, or small agricultural 
                                cooperative; and
                                    ``(IV) with respect to a loan made 
                                under subsection (b)(9), an eligible 
                                small business concern.''.
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