< Back to H.R. 1446 (110th Congress, 2007–2009)

Text of the To amend the Small Business Act to allow an increased deferment period for loans under the 7(b) loan program.

...loan program.

This bill was introduced on March 9, 2007, in a previous session of Congress, but was not enacted. The text of the bill below is as of Mar 9, 2007 (Introduced).

Source: GPO

I

110th CONGRESS

1st Session

H. R. 1446

IN THE HOUSE OF REPRESENTATIVES

March 9, 2007

introduced the following bill; which was referred to the Committee on Small Business

A BILL

To amend the Small Business Act to allow an increased deferment period for loans under the 7(b) loan program.

1.

Increased deferment period

Section 7 of the Small Business Act (15 U.S.C. 636) is amended by inserting after subsection (d) the following:

(e)

Increased deferment authorized

(1)

In general

In making loans under section 7(b), the Administrator may provide, to the person receiving the loan, an option to defer repayment on the loan.

(2)

Period

A deferment under paragraph (1) may not exceed 4 years.

(3)

Retroactive application to Hurricane Katrina and Hurricane Rita victims

This subsection applies retroactively to any loan under section 7(b) that was made—

(A)

in response to Hurricane Katrina or Hurricane Rita of 2005; and

(B)

for a small business located in a county or parish designated by the Administrator as a disaster area by reason of such Hurricane Katrina or Hurricane Rita, as applicable.

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