A bill to amend the Small Business Investment Act of 1958 to provide priority for applicants for a license to operate as a small business investment company that are located in a disaster area.

Bill: 114-s-2831
Sponsor: full_name: Sen. Vitter, David [R-LA]
Introduced: 2016-04-21
Policy area: Commerce
Subjects: Business investment and capital

Disaster relief and insurance

Government lending and loan guarantees

Licensing and registrations

Small business
Latest action: action_date: 2016-05-24
text: Placed on Senate Legislative Calendar under General Orders. Calendar No. 481.

Summaries:
action_date: 2016-04-21
action_desc: Introduced in Senate
text: <p>This bill amends the Small Business Investment Act of 1958 to require the Small Business Administration to give priority to small business investment company applications for licenses to operate in a declared major disaster area.</p>

action_date: 2016-05-24
action_desc: Reported to Senate with amendment(s)
text: <p>(Sec. 1) This bill amends the Small Business Investment Act of 1958 to require the Small Business Administration (SBA) to give priority to small business investment company (SBIC) applications for licenses to operate in a declared major disaster area.</p> <p>In calculating the outstanding leverage (debt) of one or more licensed SBICs in view of the maximum leverage allowed for debenture or loan guarantee purposes, the SBA shall not include the cost basis of any investment made by an SBIC in a small business concern in a major disaster area during the one-year period beginning on the date of the disaster declaration.</p>

tv_txt: II 114th CONGRESS 2d Session S. 2831 IN THE SENATE OF THE UNITED STATES April 21, 2016 Mr. Vitter introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To amend the Small Business Investment Act of 1958 to provide priority for applicants for a license to operate as a small business investment company that are located in a disaster area.

1. SBIC program fast-track applications Section 301(c)(2) of the Small Business Investment Act of 1958 ( 15 U.S.C. 681(c)(2) ) is amended by adding at the end the following: (C) Priority for applicants located in disaster areas (i) Definition In this subparagraph, the term disaster area means the area for which the President has declared a major disaster (as defined in section 102 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5122 )), during the period of the declaration. (ii) Priority The Administrator shall give priority to an application for a license to operate as a small business investment company that is from an applicant located in a disaster area. .

tv_txt: II Calendar No. 481 114th CONGRESS 2d Session S. 2831 IN THE SENATE OF THE UNITED STATES April 21, 2016 Mr. Vitter introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship May 24, 2016 Reported by Mr. Vitter , with an amendment Strike out all after the enacting clause and insert the part printed in italic A BILL To amend the Small Business Investment Act of 1958 to provide priority for applicants for a license to operate as a small business investment company that are located in a disaster area.

1. SBIC program fast-track applications Section 301(c)(2) of the Small Business Investment Act of 1958 ( 15 U.S.C. 681(c)(2) ) is amended by adding at the end the following: (C) Priority for applicants located in disaster areas (i) Definition In this subparagraph, the term disaster area means the area for which the President has declared a major disaster (as defined in section 102 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5122 )), during the period of the declaration. (ii) Priority The Administrator shall give priority to an application for a license to operate as a small business investment company that is from an applicant located in a disaster area. .

1. SBIC program (a) Fast track applications Section 301(c)(2) of the Small Business Investment Act of 1958 ( 15 U.S.C. 681(c)(2) ) is amended by adding at the end the following: (C) Priority for applicants located in disaster areas (i) Definition In this subparagraph, the term disaster area means the area for which the President has declared a major disaster (as defined in section 102 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5122 )), during the period of the declaration. (ii) Priority The Administrator shall give priority to an application for a license to operate as a small business investment company that is from an applicant located in a disaster area. . (b) Maximum leverage Section 303(b)(2) of the Small Business Investment Act of 1958 ( 15 U.S.C. 683(b)(2) ) is amended by adding at the end the following: (E) Investments in disaster areas In calculating the outstanding leverage of a company licensed under section 301(c) for the purposes of subparagraph (A), or 2 or more companies licensed under section 301(c) for the purposes of subparagraph (B), the Administrator shall not include the amount equal to the cost basis of any investment made by the company in a small business concern that is located in an area for which the President declared a major disaster (as defined in section 102 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5122 )) during the 1-year period beginning on the date of the declaration. .

May 24, 2016 Reported with an amendment