Disaster Loan Fairness Act of 2013

Bill: 113-hr-2857
Sponsor: full_name: Rep. Barletta, Lou [R-PA-11]
Introduced: 2013-07-30
Policy area: Commerce
Subjects: Congressional oversight

Disaster relief and insurance

Elections, voting, political campaign regulation

Government lending and loan guarantees

Interest, dividends, interest rates

Political parties and affiliation

Small business
Latest action: action_date: 2013-07-30
text: Referred to the Committee on Small Business, and in addition to the Committee on House Administration, 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.

Summaries:
action_date: 2013-07-30
action_desc: Introduced in House
text: <p>Disaster Loan Fairness Act of 2013 - Amends the Small Business Act to provide the interest rate to be charged by the Small Business Administration (SBA) for loans made to small businesses 30 days after the date of enactment of this Act or later in major disaster areas. Requires such rate to be the lesser of 4% or one-half the prevailing rate for similar loans in the area for those unable to attain credit elsewhere, or three-fourths the prevailing rate for those able to attain credit elsewhere.</p> <p>Directs the Administrator to report to Congress on whether the reduced rate has resulted in: (1) a greater number of applications for disaster-related loans, (2) a greater number of approvals for such loans, or (3) a decreased default rate.</p> <p>Amends the Internal Revenue Code to prohibit the Secretary of the Treasury, with respect to any presidential election held after 2012, from making any payments from the Presidential Election Campaign Fund (Fund) to any national committee of a political party for political nominating conventions.</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 2857 IN THE HOUSE OF REPRESENTATIVES July 30, 2013 Mr. Barletta introduced the following bill; which was referred to the Committee on Small Business , and in addition to the Committee on House Administration , 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 provide the interest rate for certain disaster related loans, and for other purposes.

1. Short title This Act may be cited as the Disaster Loan Fairness Act of 2013 . 2. Interest rate for certain disaster related loans Section 7(d) of the Small Business Act is amended by adding at the end the following: (8) (A) Upon application, the Administration shall grant an interest rate determined under this paragraph with respect to any qualifying disaster loan. (B) For the purposes of this paragraph a qualifying disaster loan is the Administration’s share of a loan— (i) for which the interest rate would be set pursuant to paragraph (5) but for the operation of this paragraph; (ii) which is or was made with respect to activity in an area when the President has declared a major disaster in that area under section 401 of the Stafford Act; and (iii) which is or was made 30 days after the date of the enactment of this paragraph or later. (C) The Administrator shall determine the interest rate for each calendar year to be the lesser of— (i) 4 percent; and (ii) a rate equivalent to 1/2 the rate prevailing in the private market for similar loans for those unable to attain credit elsewhere and 3/4 of that prevailing rate for those able to attain credit elsewhere. (D) Not later than one year after the date of the enactment of the Disaster Loan Fairness Act of 2013 , the Administrator shall report to Congress as part of the annual report under section 10(a) on whether the interest rate provided by this paragraph has resulted in any or all of the following: (i) A greater number of applications for disaster related loans. (ii) A greater number of approvals of disaster related loans. (iii) A decreased default rate on disaster related loans. . 3. Termination of use of public funds for political party nominating conventions Section 9008 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: (i) Termination of use of funds for conventions Notwithstanding any other provision of this section, in the case of any Presidential election held after 2012— (1) the Secretary shall not make any payments under subsection (b)(3) to any national committee of a major party or minor party; (2) on November 1 of the year prior to the year in which the election is held, the Secretary shall determine— (A) in the case of the first such election, the amount which is equal to the aggregate amount of the payments which were made under subsection (b)(3) to the national committees of a major party or minor party for the Presidential election held in 2012, adjusted in the manner described in subsection (b)(5), or (B) in the case of any subsequent election, the amount which is equal to the amount determined under subparagraph (A), adjusted in the manner described in subsection (b)(5); and (3) at the time the Secretary makes the determination under paragraph (2), an amount equal to the amount determined under paragraph (2) shall be permanently rescinded from the fund and returned to the general fund. .