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.

Bill: 115-hr-4368
Sponsor: full_name: Rep. Velazquez, Nydia M. [D-NY-7]
Introduced: 2017-11-09
Policy area: Commerce
Subjects: Agricultural prices, subsidies, credit

Appropriations

Disaster relief and insurance

Government lending and loan guarantees

Housing and community development funding

Small business
Latest action: action_date: 2017-11-09
text: 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.

Summaries:
action_date: 2017-11-09
action_desc: Introduced in House
text: <p>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.</p>

tv_txt: I 115th CONGRESS 1st Session H. R. 4368 IN THE HOUSE OF REPRESENTATIVES November 9, 2017 Ms. Velázquez 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.

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. .