H.R.2857 - Disaster Loan Fairness Act of 2013

To amend the Small Business Act to provide the interest rate for certain disaster related loans, and for other purposes. view all titles (2)

All Bill Titles

  • Official: To amend the Small Business Act to provide the interest rate for certain disaster related loans, and for other purposes. as introduced.
  • Short: Disaster Loan Fairness Act of 2013 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
07/30/13
 
 
 
 
 
 
 

Official Summary

Disaster Loan Fairness Act of 2013 - Amends the Small Business Act to provide the interest rate to be charged by the Small Business Administration (SBA) for loans made to small businesses 30 days after the date of enactment of this Act or later in major disaster areas. Requires such rate to

Official Summary

Disaster Loan Fairness Act of 2013 - Amends the Small Business Act to provide the interest rate to be charged by the Small Business Administration (SBA) for loans made to small businesses 30 days after the date of enactment of this Act or later in major disaster areas. Requires such rate to be the lesser of 4% or one-half the prevailing rate for similar loans in the area for those unable to attain credit elsewhere, or three-fourths the prevailing rate for those able to attain credit elsewhere. Directs the Administrator to report to Congress on whether the reduced rate has resulted in:
(1) a greater number of applications for disaster-related loans,
(2) a greater number of approvals for such loans, or
(3) a decreased default rate. Amends the Internal Revenue Code to prohibit the Secretary of the Treasury, with respect to any presidential election held after 2012, from making any payments from the Presidential Election Campaign Fund (Fund) to any national committee of a political party for political nominating conventions.

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