[Congressional Bills 103th Congress] [From the U.S. Government Publishing Office] [H.R. 2687 Introduced in House (IH)] 103d CONGRESS 1st Session H. R. 2687 To amend the Small Business Act to reduce the interest rates on disaster loans provided by the Small Business Administration for losses resulting from flooding in the Midwest. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES July 21, 1993 Mr. Wheat (for himself, Ms. Danner, Mr. Emerson, Mr. Skelton, Mr. Volkmer, Mr. Clay, and Mr. Gephardt) introduced the following bill; which was referred to the Committee on Small Business _______________________________________________________________________ A BILL To amend the Small Business Act to reduce the interest rates on disaster loans provided by the Small Business Administration for losses resulting from flooding in the Midwest. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. REDUCTION OF INTEREST RATES ON SBA DISASTER LOANS. (a) Interest Rate.--Section 7(c) of the Small Business Act (16 U.S.C. 636(c)) is amended by adding at the end the following new paragraph: ``(8)(A) The interest rate on the Federal share of any loan made under subsection (b)(1) or (b)(2) for losses resulting from flooding in the Midwest during the period beginning on June 1, 1993, and ending on May 31, 1994, shall be 1 percent per year. ``(B) With respect to any loan described in subparagraph (A) which is outstanding on the date of the enactment of this paragraph, the Administrator shall make such change in the interest rate on the balance of such loan as is required under subparagraph (A) effective as of such date of enactment.''. (b) Conforming Amendment.--Section 7(c)(5) of such Act is amended by inserting ``except as provided by paragraph (8),'' after ``October 1, 1982,''. <all>