instruction:
In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
question:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Northwest Straits Marine 
Conservation Initiative Reauthorization Act of 2009''.

SEC. 2. REAUTHORIZATION OF NORTHWEST STRAITS MARINE CONSERVATION 
              INITIATIVE ACT.

    The Northwest Straits Marine Conservation Initiative Act (title IV 
of Public Law 105-384; 112 Stat. 3458) is amended--
            (1) in section 402, by striking ``(in this title referred 
        to as the `Commission')'';
            (2) by striking sections 403 and 404;
            (3) by redesignating section 405 as section 410; and
            (4) by inserting after section 402 the following new 
        sections:

``SEC. 403. FINDINGS.

    ``Congress makes the following findings:
            ``(1) The marine waters and ecosystem of the Northwest 
        Straits in Puget Sound in the State of Washington represent a 
        unique resource of enormous environmental and economic value to 
        the people of the United States.
            ``(2) During the 20th century, the environmental health of 
        the Northwest Straits declined dramatically as indicated by 
        impaired water quality, declines in marine wildlife, collapse 
        of harvestable marine species, loss of critical marine 
        habitats, ocean acidification, and sea level rise.
            ``(3) At the start of the 21st century, the Northwest 
        Straits have been threatened by sea level rise, ocean 
        acidification, and other effects of climate change.
            ``(4) In 1998, the Northwest Straits Marine Conservation 
        Initiative Act (title IV of Public Law 105-384) was enacted to 
        tap the unprecedented level of citizen stewardship demonstrated 
        in the Northwest Straits and create a mechanism to mobilize 
        public support and raise capacity for local efforts to protect 
        and restore the ecosystem of the Northwest Straits.
            ``(5) The Northwest Straits Marine Conservation Initiative 
        helps the National Oceanic and Atmospheric Administration and 
        other Federal agencies with their marine missions by fostering 
        local interest in marine issues and involving diverse groups of 
        citizens.
            ``(6) The Northwest Straits Marine Conservation Initiative 
        shares many of the same goals with the National Oceanic and 
        Atmospheric Administration, including fostering citizen 
        stewardship of marine resources, general ecosystem management, 
        and protecting federally managed marine species.
            ``(7) Ocean literacy and identification and removal of 
        marine debris projects are examples of on-going partnerships 
        between the Northwest Straits Marine Conservation Initiative 
        and the National Oceanic and Atmospheric Administration.

``SEC. 404. DEFINITIONS.

    ``In this title:
            ``(1) Commission.--The term `Commission' means the 
        Northwest Straits Advisory Commission established by section 
        402.
            ``(2) Indian tribe.--The term `Indian tribe' has the 
        meaning given that term in section 4 of the Indian Self-
        Determination and Education Assistance Act (25 U.S.C. 450b).
            ``(3) Northwest straits.--The term `Northwest Straits' 
        means the marine waters of the Strait of Juan de Fuca and of 
        Puget Sound from the Canadian border to the south end of 
        Snohomish County.

``SEC. 405. MEMBERSHIP OF THE COMMISSION.

    ``(a) Composition.--The Commission shall be composed of up to 14 
members who shall be appointed as follows:
            ``(1) One member appointed by a consensus of the members of 
        a marine resources committee established under section 408 for 
        each of the following counties of the State of Washington:
                    ``(A) San Juan County.
                    ``(B) Island County.
                    ``(C) Skagit County.
                    ``(D) Whatcom County.
                    ``(E) Snohomish County.
                    ``(F) Clallam County.
                    ``(G) Jefferson County.
            ``(2) Two members appointed by the Secretary of the 
        Interior in trust capacity and in consultation with the 
        Northwest Indian Fisheries Commission or the Indian tribes 
        affected by this title collectively, as the Secretary of the 
        Interior considers appropriate, to represent the interests of 
        such tribes.
            ``(3) One member appointed by the Governor of the State of 
        Washington to represent the interests of the Puget Sound 
        Partnership.
            ``(4) Four members appointed by the Governor of the State 
        of Washington who--
                    ``(A) are residents of the State of Washington; and
                    ``(B) are not employed by a Federal, State, or 
                local government.
    ``(b) Vacancies.--A vacancy in the Commission shall be filled in 
the manner in which the original appointment was made.
    ``(c) Chairperson.--The Commission shall select a Chairperson from 
among its members.
    ``(d) Meeting.--The Commission shall meet at the call of the 
Chairperson, but not less frequently than quarterly.
    ``(e) Liaison.--
            ``(1) In general.--The Secretary of Commerce, acting 
        through the Under Secretary for Oceans and Atmosphere and in 
        consultation with the Director of the Commission appointed 
        under section 407(a), shall appoint an employee of the National 
        Oceanic and Atmospheric Administration--
                    ``(A) to serve as a liaison between the Commission 
                and the Department of Commerce; and
                    ``(B) to attend meetings and other events of the 
                Commission as a nonvoting participant.
            ``(2) Limitation.--Service of an employee as an appointee 
        under paragraph (1)--
                    ``(A) shall be limited to service as a liaison and 
                attendance of meetings and other events as a nonvoting 
                participant; and
                    ``(B) does not obligate the employee to perform any 
                duty of the Commission under section 406(b).

``SEC. 406. GOAL AND DUTIES OF THE COMMISSION.

    ``(a) Goal.--The goal of the Commission is to protect and restore 
the marine waters, habitats, and species of the Northwest Straits 
region to achieve ecosystem health and sustainable resource use by--
            ``(1) designing and initiating projects that are driven by 
        sound science, local priorities, community-based decisions, and 
        the ability to measure results;
            ``(2) building awareness and stewardship and making 
        recommendations to improve the health of the Northwest Straits 
        marine resources;
            ``(3) maintaining and expanding diverse membership and 
        partner organizations;
            ``(4) expanding partnerships with governments of Indian 
        tribes affected by this title and continuing to foster respect 
        for tribal cultures and treaties; and
            ``(5) recognizing the importance of economic and social 
        benefits that are dependent on marine environments and 
        sustainable marine resources.
    ``(b) Duties.--The duties of the Commission are the following:
            ``(1) To provide resources and technical support for marine 
        resources committees established under section 408.
            ``(2) To work with such marine resources committees and 
        appropriate entities of Federal and State governments and 
        Indian tribes affected by this title to develop programs to 
        monitor the overall health of the marine ecosystem of the 
        Northwest Straits.
            ``(3) To identify factors adversely affecting or preventing 
        the restoration of the health of the marine ecosystem and 
        coastal economies of the Northwest Straits.
            ``(4) To develop scientifically sound restoration and 
        protection recommendations, informed by local priorities, that 
        address such factors.
            ``(5) To assist in facilitating the successful 
        implementation of such recommendations by developing broad 
        support among appropriate authorities, stakeholder groups, and 
        local communities.
            ``(6) To develop regional projects based on such 
        recommendations to protect and restore the Northwest Straits 
        ecosystem.
            ``(7) To serve as a public forum for the discussion of 
        policies and actions of Federal, State, or local government, an 
        Indian tribe affected by this title, or the Government of 
        Canada with respect to the marine ecosystem of the Northwest 
        Straits.
            ``(8) To inform appropriate authorities and local 
        communities about the marine ecosystem of the Northwest Straits 
        and about issues relating to the marine ecosystem of the 
        Northwest Straits.
            ``(9) To consult with all Indian tribes affected by this 
        title to ensure that the work of the Commission does not 
        violate tribal treaty rights.
    ``(c) Benchmarks.--The Commission shall carry out its duties in a 
manner that promotes the achieving of the benchmarks described in 
subsection (f)(2).
    ``(d) Coordination and Collaboration.--The Commission shall carry 
out the duties described in subsection (b) in coordination and 
collaboration, when appropriate, with Federal, State, and local 
governments and Indian tribes affected by this title.
    ``(e) Regulatory Authority.--The Commission shall have no power to 
issue regulations.
    ``(f) Annual Report.--
            ``(1) In general.--Each year, the Commission shall prepare, 
        submit to the Committee on Commerce, Science, and 
        Transportation of the Senate, the Committee on Natural 
        Resources of the House of Representatives, and the Under 
        Secretary for Oceans and Atmosphere, and make available to the 
        public an annual report describing--
                    ``(A) the activities carried out by the Commission 
                during the preceding year; and
                    ``(B) the progress of the Commission in achieving 
                the benchmarks described in paragraph (2).
            ``(2) Benchmarks.--The benchmarks described in this 
        paragraph are the following:
                    ``(A) Protection and restoration of marine, 
                coastal, and nearshore habitats.
                    ``(B) Prevention of loss and achievement of a net 
                gain of healthy habitat areas.
                    ``(C) Protection and restoration of marine 
                populations to healthy, sustainable levels.
                    ``(D) Protection of the marine water quality of the 
                Northwest Straits region and restoration of the health 
                of marine waters.
                    ``(E) Collection of high-quality data and promotion 
                of the use and dissemination of such data.
                    ``(F) Promotion of stewardship and understanding of 
                Northwest Straits marine resources through education 
                and outreach.

``SEC. 407. COMMISSION PERSONNEL AND ADMINISTRATIVE MATTERS.

    ``(a) Director.--The Manager of the Shorelands and Environmental 
Assistance Program of the Department of Ecology of the State of 
Washington may, upon the recommendation of the Commission and the 
Director of the Padilla Bay National Estuarine Research Reserve, 
appoint and terminate a Director of the Commission. The employment of 
the Director shall be subject to confirmation by the Commission.
    ``(b) Staff.--The Director may hire such other personnel as may be 
appropriate to enable the Commission to perform its duties. Such 
personnel shall be hired through the personnel system of the Department 
of Ecology of the State of Washington.
    ``(c) Administrative Services.--If the Governor of the State of 
Washington makes available to the Commission the administrative 
services of the State of Washington Department of Ecology, the 
Commission shall use such services for employment, procurement, grant 
and fiscal management, and support services necessary to carry out the 
duties of the Commission.

``SEC. 408. MARINE RESOURCES COMMITTEES.

    ``(a) In General.--The government of each of the counties referred 
to in subparagraphs (A) through (G) of section 405(a)(1) may establish 
a marine resources committee that--
            ``(1) complies with the requirements of this section; and
            ``(2) receives from such government the mission, direction, 
        expert assistance, and financial resources necessary--
                    ``(A) to address issues affecting the marine 
                ecosystems within its county; and
                    ``(B) to work to achieve the benchmarks described 
                in section 406(f)(2).
    ``(b) Membership.--
            ``(1) In general.--Each marine resources committee 
        established pursuant to this section shall be composed of--
                    ``(A) members with relevant scientific expertise; 
                and
                    ``(B) members that represent balanced 
                representation, including representation of--
                            ``(i) local governments, including planning 
                        staff from counties and cities with marine 
                        shorelines;
                            ``(ii) affected economic interests, such as 
                        ports and commercial fishers;
                            ``(iii) affected recreational interests, 
                        such as sport fishers; and
                            ``(iv) conservation and environmental 
                        interests.
            ``(2) Tribal members.--With respect to a county referred to 
        in subparagraphs (A) through (G) of section 405(a)(1), each 
        Indian tribe with usual and accustomed fishing rights in the 
        waters of such county and each Indian tribe with reservation 
        lands in such county, may appoint one member to the marine 
        resources committee for such county. Such member may be 
        appointed by the respective tribal authority.
            ``(3) Chairperson.--
                    ``(A) In general.--Each marine resources committee 
                established pursuant to this section shall select a 
                chairperson from among members by a majority vote of 
                the members of the committee.
                    ``(B) Rotating position.--Each marine resources 
                committee established pursuant to this section shall 
                select a new chairperson at a frequency determined by 
                the county charter of the marine resources committee to 
                create a diversity of representation in the leadership 
                of the marine resources committee.
    ``(c) Duties.--The duties of a marine resources committee 
established pursuant to this section are the following:
            ``(1) To assist in assessing marine resource problems in 
        concert with governmental agencies, tribes, and other entities.
            ``(2) To assist in identifying local implications, needs, 
        and strategies associated with the recovery of Puget Sound 
        salmon and other species in the region of the Northwest Straits 
        listed under the Endangered Species Act of 1973 (16 U.S.C. 1531 
        et seq.) in coordination with Federal, State, and local 
        governments, Indian tribes affected by this title, and other 
        entities.
            ``(3) To work with other entities to enhance the scientific 
        baseline and monitoring program for the marine environment of 
        the Northwest Straits.
            ``(4) To identify local priorities for marine resource 
        conservation and develop new projects to address those needs.
            ``(5) To work closely with county leadership to implement 
        local marine conservation and restoration initiatives.
            ``(6) To coordinate with the Commission on marine ecosystem 
        objectives.
            ``(7) To educate the public and key constituencies 
        regarding the relationship between healthy marine habitats, 
        harvestable resources, and human activities.

``SEC. 409. NORTHWEST STRAITS MARINE CONSERVATION FOUNDATION.

    ``(a) Establishment.--The Director of the Commission and the 
Director of the State of Washington Department of Ecology, or his or 
her designee, may enter into an agreement with an organization 
described in section 501(c)(3) of the Internal Revenue Code of 1986 to 
establish a nonprofit foundation to support the Commission and the 
marine resources committees established under section 408 in carrying 
out their duties under this Act.
    ``(b) Designation.--The foundation authorized by subsection (a) 
shall be known as the `Northwest Straits Marine Conservation 
Foundation'.
    ``(c) Receipt of Grants.--The Northwest Straits Marine Conservation 
Foundation may, if eligible, apply for, accept, and use grants awarded 
by Federal agencies, States, local governments, regional agencies, 
interstate agencies, corporations, foundations, or other persons to 
assist the Commission and the marine resources committees in carrying 
out their duties under this Act.
    ``(d) Transfer of Funds.--The Northwest Straits Marine Conservation 
Foundation may transfer funds to the Commission or the marine resources 
committees to assist them in carrying out their duties under this 
Act.''.

            Passed the House of Representatives December 7, 2009.

            Attest:

                                            LORRAINE C. MILLER,

                                                                 Clerk.
answer:
Northwest Straits Marine Conservation Initiative Reauthorization Act of 2009 - Amends the Northwest Straits Marine Conservation Initiative Act to define "Northwest Straits" as the marine waters of the Strait of Juan de Fuca and of Puget Sound from the Canadian border to the south end of Snohomish County, Washington.

Sets forth the membership of the Northwest Straits Advisory Commission. Directs the Secretary of Commerce, acting through the Under Secretary for Oceans and Atmosphere, to appoint an employee of the National Oceanic and Atmospheric Administration (NOAA) to serve as a liaison between the Commission and the Department of Commerce and to attend the Commission's meetings and events as a nonvoting participant. States the goal of the Commission as the protection and restoration of the marine waters, habitats, and species of the Northwest Straits region in Washington to achieve ecosystem health and sustainable resource use. Enumerates the duties of the Commission and establishes benchmarks for its work. Requires the Commission to submit annual reports to Congress and the Under Secretary on its activities and its progress in achieving specified benchmarks.

Authorizes the Manager of the Shorelands and Environmental Assistance Program of Washington's Department of Ecology, upon the recommendation of the Commission and the Director of the Padilla Bay National Estuarine Research Reserve, to appoint and terminate a Director of the Commission. Requires the Director to be confirmed by the Commission.

Provides for the establishment of marine resources committees in specified counties of Washington.

Authorizes the Director of the Commission and the Director of the State of Washington Department of Ecology to establish the Northwest Straits Marine Conservation Foundation as a nonprofit foundation to support the Commission and the marine resources committees established by this Act.


question:
SECTION 1. AMENDMENTS TO UNITED STATES INSULAR POSSESSION PROGRAM.

    (a) Production Certificates.--The additional U.S. Note 5(h) to 
chapter 91 of the Harmonized Tariff Schedule of the United States is 
amended--
            (1) by amending subparagraphs (i) and (ii) to read as 
        follows:
``(i) In the case of each calendar quarter beginning after January 1, 
        2002, and before January 1, 2016, the Secretaries jointly, 
        shall:
        ``(A) verify for the preceding calendar quarter both the wages 
                paid by each producer to permanent residents of the 
                insular possessions (including the value of any fringe 
                benefits) and the total quantity and value of watches 
                produced in the insular possessions and imported into 
                the customs territory of the United States; and
        ``(B) issue to each producer (not later than 30 days after the 
                end of the calendar quarter) a certificate for the 
                applicable amount.
``(ii) For purposes of subparagraph (i), except as provided in 
        subparagraphs (iii) and (iv), the term `applicable amount' 
        means an amount equal to the sum of:
        ``(A) 90 percent of the producer's creditable wages (including 
                the value of any fringe benefits) on watch assembly 
                during the preceding calendar quarter (but only the 
                first 300,000 units per calendar year); plus
        ``(B) the applicable graduated declining percentage (determined 
                each year by the Secretaries) of the producer's 
                creditable wages (including the value of any fringe 
                benefits) on the assembly during the preceding calendar 
                quarter for units in excess of 300,000 that calendar 
                year, but not in excess of 750,000 that calendar year; 
                plus
        ``(C) the difference between the duties that would have been 
                due on the producer's watches (excluding digital 
                watches) imported into the customs territory of the 
                United States during the preceding quarter if they had 
                been imported from a country eligible for normal trade 
                relations subject to duty at the rates set forth in 
                column 1 under this chapter that were in effect on 
                January 1, 2001, and the duties that would have been 
                due on those watches if they had been imported from the 
                same country under the tariffs in effect for the 
                preceding calendar quarter.''; and
            (2) by amending subparagraph (v) to read as follows:
``(v)(A) Any certificate issued under subparagraph (i) shall entitle 
        the certificate holder to secure the refund of duties equal to 
        the face value of the certificate on watches, watch movements 
        and, with the exception of discrete cases, parts therefor 
        imported into the customs territory of the United States by the 
        certificate holder. Such refunds shall be made under 
        regulations issued by the Treasury Department. Not more than 5 
        percent of such refunds may be retained as a reimbursement to 
        the Customs Service for the administrative costs of making the 
        refunds. If the Secretary of the Treasury determines that there 
        is an insufficient level of duties from watch and watch-related 
        tariffs, the Secretary may authorize refunds of duties 
        collected on jewelry under chapter 71 or any other duties that 
        the Secretary determines are appropriate.
``(B) At the election of the certificate holder and upon making the 
        certification described in this clause, the Secretary of the 
        Treasury shall pay to the holder the face value of the 
        certificate, less the value of (1) any duty refund claimed by 
        the holder under the certificate, plus (2) a discount of not 
        more than 2 percent of the face value of the certificate, as 
        determined by the Secretary of the Treasury. A certificate 
        holder shall not be eligible for direct payment under this 
        clause unless the certificate holder certifies to the 
        Secretaries that the funds received will be reinvested or 
        utilized to support and continue employment in the Virgin 
        Islands.
``(C) The Secretary of the Treasury is authorized to make the payments 
        provided for in clause (B) from duties collected on watches, 
        watch movements and, with the exception of discrete cases, 
        parts therefor. If such duties are insufficient, the Secretary 
        of the Treasury is authorized to make those payments from 
        duties collected on jewelry under chapter 71 or any other 
        duties that the Secretary determines are appropriate.''.
    (b) Jewelry.--Additional U.S. Note to chapter 71 of the Harmonized 
Tariff Schedule of the United States is amended--
            (1) by redesignating paragraphs (b), (c), (d), and (e) as 
        paragraphs (c), (d), (e), and (f), respectively;
            (2) by inserting after paragraph (a) the following new 
        paragraph:
``(b) The 750,000 unit limitation in additional U.S. Note 5(h)(ii)(B) 
        to chapter 91 shall not apply to articles of jewelry subject to 
        this note.''; and
            (3) by striking paragraph (f), as so redesignated, and 
        inserting the following:
``(f) Notwithstanding any other provision of law, prior to February 9, 
        2004, any article of jewelry provided for in heading 7113 that 
        is assembled in the Virgin Islands, Guam, or American Samoa 
        shall be treated as a product of the Virgin Islands, Guam, or 
        American Samoa for purposes of this note and General Note 
        3(a)(iv) of this Schedule.''.

SEC. 2. EFFECTIVE DATE.

    The amendments made by this Act shall take effect on April 1, 2002, 
with respect to goods imported into the customs territory of the United 
States on or after January 1, 2002.
answer:
Amends the Harmonized Tariff Schedule of the United States to revise clock and watch provisions to require the Secretary of Commerce and the Secretary of the Interior, jointly, for each calendar quarter beginning after January 1, 2002, and before January 1, 2016, to: (1) verify for the preceding calendar quarter both the wages paid by each producer to permanent residents of the insular possessions (including the value of any fringe benefits) and the total quantity and value of watches produced there and imported into the U.S. customs territory; and (2) issue to each producer a certificate for the applicable amount.Directs the Secretary of the Treasury, at the election of the certificate holder, to pay to the holder the face value of the certificate, less the value of any duty refund claimed by the holder under the certificate, plus a discount of not more than two percent of the face value of the certificate as determined by the Secretary of the Treasury.


question:
SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small Business Lending Stimulus Act 
of 2008''.

SEC. 2. ECONOMIC STIMULUS SMALL BUSINESS CONCERNS.

    (a) Reduction of Fees.--
            (1) Small business act loans.--
                    (A) In general.--For fiscal year 2008, and to the 
                extent the cost of such reduction in fees is offset by 
                appropriations, with respect to each loan guaranteed 
                under section 7(a) of Small Business Act (15 U.S.C. 
                636(a)), the Administrator shall--
                            (i) in lieu of the fee otherwise applicable 
                        under section 7(a)(23)(A) of the Small Business 
                        Act (15 U.S.C. 636(a)(23)(A)), collect an 
                        annual fee in an amount equal to a maximum of 
                        .25 percent of the outstanding balance of the 
                        deferred participation share of that loan;
                            (ii) in lieu of the fee otherwise 
                        applicable under section 7(a)(18)(A) of the 
                        Small Business Act (15 U.S.C. 636(a)(18)(A)), 
                        collect a guarantee fee in an amount equal to a 
                        maximum of--
                                    (I) 1 percent of the deferred 
                                participation share of a total loan 
                                amount that is not more than $150,000;
                                    (II) 2.5 percent of the deferred 
                                participation share of a total loan 
                                amount that is more than $150,000 and 
                                not more than $700,000; and
                                    (III) 3 percent of the deferred 
                                participation share of a total loan 
                                amount that is more than $700,000; and
                            (iii) in lieu of the fee otherwise 
                        applicable under section 7(a)(18)(A)(iv) of the 
                        Small Business Act (15 U.S.C. 
                        636(a)(18)(A)(iv)), collect no fee.
                    (B) Implementation.--In carrying out this 
                paragraph, the Administrator shall reduce the fees for 
                a loan guaranteed under section 7(a) of Small Business 
                Act (15 U.S.C. 636(a)) to the maximum extent possible, 
                subject to the availability of appropriations.
            (2) Debentures.--For fiscal year 2008, and to the extent 
        the cost of such reduction in fees is offset by appropriations, 
        the Administrator shall, in lieu of the fee otherwise 
        applicable under section 503(d)(2) of the Small Business 
        Investment Act of 1958 (15 U.S.C. 697(d)(2)) for an institution 
        described in subclause (I), (II), or (III) of section 
        502(3)(B)(i) of that Act (15 U.S.C. 696(3)(B)(i)), collect no 
        fee.
    (b) Application of Fee Reductions.--If funds are made available to 
carry out subsection (a), the Administrator shall reduce the fees under 
subsection (a) for any loan guarantee or project subject to such 
subsection for which the application is pending approval on or after 
the date of enactment of this Act, until the amount provided for such 
purpose is expended.
    (c) Authorization of Appropriations.--There are authorized to be 
appropriated to the Administrator for fiscal year 2008--
            (1) $150,000,000 to carry out subsection (a)(1);
            (2) $45,000,000 to carry out subsection (a)(2);
            (3) $2,000,000 for direct loans under the Microloan Program 
        under section 7(m) of the Small Business Act (15 U.S.C. 
        636(m)), in addition to any other amounts authorized to be 
        appropriated for such purposes; and
            (4) $10,000,000 for marketing, management, and technical 
        assistance under section 7(m)(4) of the Small Business Act (15 
        U.S.C. 636(m)(4)) by intermediaries that make microloans under 
        the Microloan Program, in addition to any other amounts 
        authorized to be appropriated for such purposes.
    (d) Definitions.--In this section--
            (1) the terms ``Administration'' and ``Administrator'' mean 
        the Small Business Administration and the Administrator 
        thereof, respectively; and
            (2) the term ``small business concern'' has the same 
        meaning as in section 3 of the Small Business Act (15 U.S.C. 
        632).

SEC. 3. REFINANCING UNDER THE LOCAL DEVELOPMENT BUSINESS LOAN PROGRAM.

    Section 502 of the Small Business Investment Act of 1958 (15 U.S.C. 
696) is amended by adding at the end the following:
            ``(7) Permissible debt refinancing.--A financing under this 
        title may include refinancing of existing indebtedness, in an 
        amount not to exceed 50 percent of the projected cost of the 
        project financed under this title, if--
                    ``(A) the project financed under this title 
                involves the expansion of a small business concern;
                    ``(B) the existing indebtedness is collateralized 
                by fixed assets;
                    ``(C) the existing indebtedness was incurred for 
                the benefit of the small business concern;
                    ``(D) the proceeds of the existing indebtedness 
                were used to acquire land (including a building 
                situated thereon), to construct or expand a building 
                thereon, or to purchase equipment;
                    ``(E) the borrower has been current on all payments 
                due on the existing indebtedness for not less than 1 
                year preceding the proposed date of refinancing;
                    ``(F) the financing under this title will provide 
                better terms or a better rate of interest than exists 
                on the existing indebtedness on the proposed date of 
                refinancing;
                    ``(G) the financing under this title is not being 
                used to refinance any debt guaranteed by the 
                Government; and
                    ``(H) the financing under this title will be used 
                only for--
                            ``(i) refinancing existing indebtedness; or
                            ``(ii) costs relating to the project 
                        financed under this title.''.
answer:

Small Business Lending Stimulus Act of 2008 - Directs the Administrator of the Small Business Administration (SBA) to reduce in 2008 the rate of certain loan fees imposed under the Small Business Act and debenture fees under the Small Business Investment Act of 1958.

Authorizes appropriations for FY2008: (1) to cover such rate reductions; and (2) for direct loans and assistance under the SBA Microloan Program.

Amends the Small Business Investment Act of 1958 to authorize the SBA to refinance certain existing debt of small businesses that received prior loans for plant acquisition, construction, conversion, or expansion.