GovTrack’s Bill Summary
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H.R. 6296 (112th): Disaster Loan Fairness Act of 2012
- Introduced:
- Aug 02, 2012 (112th Congress, 2011–2013)
- Sponsor:
- Rep. Lou Barletta [R-PA11]
- Status:
- Died (Passed House)
The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.
- Full Title
To amend the Small Business Act to provide the interest rate for certain disaster related loans, and for other purposes.
- Summary
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No summaries available.
- Text
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Last updated Sep 20, 2012.
5 pages
- Primary Source
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View on THOMAS (The Library of Congress)
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- Citation
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Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
9/19/2012--Passed House amended.
Disaster Loan Fairness Act of 2012 - Amends the Small Business Act to provide the interest rate to be charged by the Small Business Administration (SBA) for loans made to small businesses beginning on January 1, 2011, and ending four years after the date of enactment of this Act in major disaster areas.
Requires such rate to be the lesser of 4% or one-half the prevailing rate for similar loans in the area for those unable to attain credit elsewhere, or three-fourths the prevailing rate for those able to attain credit elsewhere.
Requires the SBA Administrator to refund excess interest payments made by qualifying borrowers before the enactment of this Act. Directs the Administrator to report to Congress on whether the reduced rate has resulted in:
(1) a greater number of applications for disaster-related loans,
(2) a greater number of approvals for such loans, or
(3) a decreased default rate.
Amends the Internal Revenue Code to prohibit the Secretary of the Treasury, with respect to any presidential election held after 2012, from making any payments from the Presidential Election Campaign Fund (Fund) to any national committee of a political party for political nominating conventions.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
This summary can be found at http://www.gop.gov/bill/112/2/hr6296.
Background
According to the Small Business Administration (SBA), SBA provides low interest disaster loans to homeowners, renters, businesses of all sizes and private, nonprofit organizations to repair or replace real estate, personal property, machinery & equipment, inventory and business assets that have been damaged or destroyed in a declared disaster.
Summary
H.R. 6296 would lower the interest rates on disaster loans issued by the Small Business Administration following presidentially declared disaster areas. The bill would apply retroactively to January 1, 2011, and would sunset in four years.
The interest rate of the loan would equal the lesser of: 4 percent or ½ the prevailing market rate for individuals unable to find credit elsewhere or ¾ the prevailing market rate for borrowers who are able to find credit elsewhere.
The bill would also terminate the use of public funds for political party nominating conventions—a provision included as a budget offset.
Cost
There is no Congressional Budget Office (CBO) cost estimate available for this legislation.
House Democratic Caucus Summary
The House Democratic Caucus does not provide summaries of bills.
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