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HR 902 102th Congress House Commerce Administrative procedure Armed forces abroad Disaster loans Economic conditions Government lending Military personnel Persian Gulf Persian Gulf War Reprogramming of appropriated funds Small business Veterans' loans

Small Business Desert Storm Loan Relief Act of 1991

Introduced: February 6, 1991 See on congress.gov
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 Everywhere this bill has been 13 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 21, 1991
Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 54.
Mar 20, 1991
Received in the Senate.
Mar 19, 1991
Motion to reconsider laid on the table Agreed to without objection.
Mar 19, 1991
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
Mar 19, 1991
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.
Mar 19, 1991
DEBATE - The House proceeded with forty minutes of debate.
Mar 19, 1991
Considered under suspension of the rules.
Mar 19, 1991
Mr. LaFalce moved to suspend the rules and pass the bill, as amended.
Mar 7, 1991
Committee Consideration and Mark-up Session Held.
Mar 7, 1991
Ordered to be Reported (Amended).
Feb 27, 1991
Committee Consideration and Mark-up Session Held.
Feb 6, 1991
Referred to the House Committee on Small Business.
Feb 6, 1991
Introduced in House
 Plain-English summary Congressional Research Service

Small Business Desert Storm Loan Relief Act of 1991 - Amends the Small Business Act to direct the Small Business Administration (SBA) to liberally construe this Act to benefit persons called to active duty in the military service of the United States.

Authorizes the SBA to: (1) extend the term of any direct loan or debenture for up to five years beyond the maximum legal term; and (2) waive or modify minimum time periods or minimum income declines, if appropriate.

Directs the SBA to temporarily suspend the repayment obligation under a direct SBA loan if the borrower or any person jointly liable with the borrower is called to active duty in the military service subsequent to the disbursement of the loan proceeds.

Directs the SBA to suspend or reduce the repayment obligation of a small business concern under an SBA loan made to a partnership or corporation if it determines that the repayment ability of the borrower has been substantially impaired due to the entry on active duty of any person who is a principal owner, manager, or key employee of such borrower.

Authorizes the SBA to make all or part of any payments due to a person pursuant to the terms of an SBA guaranteed loan if it determines that the repayment ability of the borrower has been substantially impaired due to the entry on active of any person who is a principal owner, manager, or key employee of such borrower. Declares these to be disaster loans under the Small Business Administration Act. Directs the SBA to transfer from the disaster loan fund to the business loan and investment fund an amount equal to any interest and principal payments on loans suspended or reduced pursuant to this Act. Authorizes the SBA to extend loan terms or repayment schedules up to five years.

Authorizes appropriations.

Authorizes the SBA to make disaster loans to a small business concern which has suffered economic injury due to Operation Desert Storm/Shield. Sets forth maximum loan guidelines.

Directs the SBA to issue interim final rules and implementing regulations within ten days of enactment of this Act.

What's happening now March 21, 1991

Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 54.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2