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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on May 24, 2016.
(Sec. 1) This bill amends the Small Business Investment Act of 1958 to require the Small Business Administration (SBA) to give priority to small business investment company (SBIC) applications for licenses to operate in a declared major disaster area.
In calculating the outstanding leverage (debt) of one or more licensed SBICs in view of the maximum leverage allowed for debenture or loan guarantee purposes, the SBA shall not include the cost basis of any investment made by an SBIC in a small business concern in a major disaster area during the one-year period beginning on the date of the disaster declaration.