§636d — Title 15 Commerce and Trade | U.S. Code

Summary

Gives the Small Business Administration (for non-farm businesses) and the Farmers Home Administration (for farms) the power to make loans to industrial, commercial, agricultural, or other businesses that were a major source of jobs in a disaster area and stopped operating because of the disaster. Loans can be for whatever amount is needed and ignore usual loan-size limits. These loans add to other federal disaster aid, but other aid may be changed by the Director under section 4418 of title 42. Loans must follow the interest rules in section 636b of this title. The President may delay payments of principal and interest for up to three years, but deferred amounts still earn interest at the rate in section 636b.

Title 15, §636d

Commerce and Trade — Source: USLM XML via OLRC

(a)The Small Business Administration in the case of a nonagricultural enterprise, and the Farmers Home Administration in the case of an agricultural enterprise, are authorized to provide any industrial, commercial, agricultural, or other enterprise, which has constituted a major source of employment in an area suffering a major disaster and which is no longer in substantial operation as a result of such disaster, a loan in such amount as may be necessary to enable such enterprise to resume operations in order to assist in restoring the economic viability of the disaster area. Loans authorized by this section shall be made without regard to limitations on the size of loans which may otherwise be imposed by any other provision of law or regulations promulgated pursuant thereto.

(b)Assistance under this section shall be in addition to any other Federal disaster assistance, except that such other assistance may be adjusted or modified to the extent deemed appropriate by the Director under the authority of section 4418 11 See References in Text note below. of title 42. Any loan made under this section shall be subject to the interest requirements of section 636b of this title, but the President, if he deems it necessary, may defer payments of principal and interest for a period not to exceed three years after the date of the loan. Any such deferred payments shall bear interest at the rate determined under section 636b of this title.

Notes & Related Subsidiaries

Editorial Notes

References in Text

Section 4418 of title 42, referred to in subsec. (b), was repealed by Pub. L. 93–288, title VI, § 603, May 22, 1974, 88 Stat. 164. Provisions similar to former section 4418 of Title 42, The Public Health and Welfare, are contained in section 5155 of Title 42. Codification Section was enacted as part of the Disaster Relief Act of 1970, and not as part of the Small Business Act which comprises this chapter. Section was formerly classified to section 4456 of Title 42, The Public Health and Welfare.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective Aug. 1, 1969, see section 304 of Pub. L. 91–606, set out as an

Effective Date

of 1970 Amendment note under section 165 of Title 26, Internal Revenue Code.

§636d Disaster aid to major sources of employment

Summary

Title 15, §636d

Notes & Related Subsidiaries

Editorial Notes

References in Text

Statutory Notes and Related Subsidiaries

Effective Date

Effective Date

Citations & Metadata