IN THE SENATE OF THE UNITED STATES
April 21, 2016
Mr. Vitter introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship
To amend the Small Business Investment Act of 1958 to provide priority for applicants for a license to operate as a small business investment company that are located in a disaster area.
SBIC program fast-track applications
Section 301(c)(2) of the Small Business Investment Act of 1958 (15 U.S.C. 681(c)(2)) is amended by adding at the end the following:
Priority for applicants located in disaster areas
In this subparagraph, the term disaster area means the area for which the President has declared a major disaster (as defined in section 102 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5122)), during the period of the declaration.
The Administrator shall give priority to an application for a license to operate as a small business investment company that is from an applicant located in a disaster area.