Disaster Loan Fairness Act of 2011

Disaster Loan Fairness Act of 2011 - Requires that, when the President declares a major disaster, the interest rates for any loan programs or guarantees under the Small Business Act or Small Business Investment Act of 1958, including home disaster loans, business physical disaster loans, and economic injury disaster loans, shall be 1% for eligible applicants in the declared disaster area, with or without other available credit.

Makes such rates applicable for the duration of all loans and guarantees made while the declaration is in effect.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3042 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 3042

    To provide for low interest loans for small businesses in major 
                disaster areas, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 23, 2011

Mr. Barletta (for himself, Mr. Young of Alaska, Mr. Marino, Mr. Kelly, 
  Mr. Holden, Mr. Fitzpatrick, Mr. Welch, Mr. Pitts, and Mr. Platts) 
 introduced the following bill; which was referred to the Committee on 
                             Small Business

_______________________________________________________________________

                                 A BILL


 
    To provide for low interest loans for small businesses in major 
                disaster areas, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Disaster Loan Fairness Act of 
2011''.

SEC. 2. IN GENERAL.

    When the president declares a major disaster under section 401 of 
the Stafford Act, the interest rates for any loan programs or loan 
guarantee under the Small Business Act or the Small Business Investment 
Act of 1958, including Home Disaster Loans, Business Physical Disaster 
Loans, and Economic Injury Disaster Loans, will be 1 percent for 
eligible applicants in the disaster area, with or without credit 
available elsewhere. This rate shall apply for the duration of all 
loans under such programs made while that declaration is in effect.
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