93rd Congress > Senate > Vote 407
Description: TO OVERIDE THE PRESIDENTS VETO OF S. 1672, A BILL AMENDING THE SMALL BUSINESS ACT.
Bill summary: (LATEST SUMMARY)
Increases, under the Small Business Act, the total amount of loan assistance which may be outstanding to: (1) $6,600,000,000 under specified sections of this Act and the Economic Opportunity Act; (2) $275,000,000 under title III of the Small Business Investment Act; (3) $600,000,000 under title IV of the Small Business Investment Act; and (4) $475,000,000 under specified sections of the Economic Opportunity Act.
Includes, as the purpose of the Small Business Act, the
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making of loans to assist small business in effecting alterations or additions to plants to meet Federal or State law requirements, where such businesses are likely to suffer substantial economic injury without such assistance.
Extends for two years, to July 1, 1975, the Small Business Administation authorization to compensate for specified losses due to major disasters.
Provides that with respect to such a loan made in connection with a disaster occurring on or after April 20, 1973, but prior to July 1, 1975, and notwithstanding Public Law 93-24, the Small Business Administration shall, at the option of the borrower, either cancel $2,500 of the loan and make the balance of such loan at an interest rate of 3 percent per annum, or make the entire loan at an interest rate of 1 percent per annum. Provides that in the event of the refinancing of a home or a business, the monthly payments after the refinancing shall in no case be lower than such payments prior to the disaster.
Directs the Secretary of Agriculture to make disaster loans at the same rate of interest and with the same forgiveness provisions applicable to Small Business Administration disaster loans pursuant to this Act.
Provides that loans under the Small Business Act will include loans to persons who are engaged in the business of raising livestock, and who suffer substantial economic injury as a result of animal disease. Expands the term "major disaster" under the Disaster Relief Act to include erosion.
Empowers the Small Business Administration to make such loans (either directly or in cooperation with banks or other lending institutions through agreements to participate on an immediate or deferred basis) as the Administration may determine to be necessary or appropriate to assist any small business concern in continuing in business at its existing location, in reestablishing its business, in purchasing a new business, or in establishing a new business if the Administration determines that such concern has suffered or will suffer substantial economic injury as the result of the closing by the Federal Government of major military installations under the jurisdiction of the Department of Defense, or as a result of a servere reduction in the scope and size of operations at a major military installation.
Provides that the Small Business Administration shall make an annual report to the President, the President of the Senate and the Speaker of the House on the state of small business.
Provides that the Administrator of the Small Business Administration shall not discriminate against any person or small business concern receiving assistance from the Small Business Administration based on sex, and the Small Business Administration shall give special consideration to veterans of United States military service and the survivors of their immediate families.
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Bill titles: An original bill to amend the Small Business Act.
Original source documents: Digest of the Congressional Record vol. 119-141, p. S17620;
Links for more info on the vote: congress.gov
