legislation: 99-hr-5328

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
99-hr-5328 99 hr 5328 Disaster Loan Efficiency Act Commerce 1986-08-01 1986-08-01 Referred to House Committee on Small Business. House Rep. Olin, James R. [D-VA-6] VA D O000069 18 Disaster Loan Efficiency Act - Amends the Small Business Act to authorize the Small Business Administration (SBA) to make deferred (guaranteed) disaster loans in cooperation with eligible lenders to: (1) small businesses to repair property damaged by a disaster if such damage is not compensated by insurance or otherwise and the eligible lender certifies to the SBA that it will be able to repay the loan in case of default by the borrower; and (2) small businesses or agricultural cooperatives located in a disaster area if such lender determines that such business or cooperative suffered a substantial economic injury as a result of such disaster and the eligible lender certifies to the SBA that it will be able to repay the loan in case of default by the borrower. Sets limits on the interest rates to be charged on such loans. Makes provision for the Government to pay the excess of an interest rate over four percent and to share the payment with the borrower if such interest rate exceeds ten percent. Requires the Administrator of the SBA to reimburse any lender for administrative expenses associated with such disaster loans. Allows the Administrator to sell to the public the assets of any disaster loan made before enactment of this Act. Requires the Administrator to report to specified congressional committees. 2025-08-29T16:32:39Z  

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