To amend the Small Business Act to provide for cancellation or repayment for Small Business Administration disaster loans, and for other purposes.

Bill: 118-hr-9036
Sponsor: full_name: Rep. Carter, Troy A. [D-LA-2]
Introduced: 2024-07-15
Policy area: Commerce
Latest action: action_date: 2024-07-15
text: Referred to the House Committee on Small Business.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 9036 IN THE HOUSE OF REPRESENTATIVES July 15, 2024 Mr. Carter of Louisiana introduced the following bill; which was referred to the Committee on Small Business A BILL To amend the Small Business Act to provide for cancellation or repayment for Small Business Administration disaster loans, and for other purposes.

1. Cancellation or repayment for Small Business Administration disaster loans Section 7(b) of the Small Business Act ( 15 U.S.C. 636(b) ) is amended— (1) by redesignating the second paragraph (16) (relating to statute of limitations) as paragraph (17); and (2) by inserting after paragraph (17), as so redesignated, the following new paragraph: (17) Cancellation or repayment The Administrator may cancel or repay an amount of the balance of interest and principal due on a loan made under this subsection for a borrower described in such subparagraph beginning on the date which is one year after the day on which the disaster or emergency declaration for which such loan was secured has been issued or deemed to have been issued. .