Employment Development Loan Act of 1979 - Amends the Public Works and Economic Development Act of 1965 to authorize the Secretary of Commerce to establish a development loan program in each area of substantial unemployment as determined by the Secretary of Labor pursuant to the Comprehensive Employment and Training Act. Requires such a program to provide loans to businesses which assure they will finance operations which will employ, for at least three years, significant numbers of unemployed individuals referred by a local agency designated to certify employees for the purpose of determining eligibility for the targeted jobs credit under the Internal Revenue Code of 1954.
Stipulates that such loans: (1) shall have a term of three years subject to partial cancellation according to the length of time individuals are employed by a business; (2) shall bear interest at three percent, or four percent below the current average yield on comparable outstanding marketable obligations of the United States, whichever is higher; (3) shall require no payment of interest during the first year following receipt of the loan; and (4) shall not exceed a maximum amount determined by multiplying the number of individuals employed by $3,000.
Authorizes appropriations to carry out the provisions of this Act for fiscal years 1980 through 1985.
Introduced in House
Introduced in House
Referred to House Committee on Banking, Finance and Urban Affairs.
Referred to House Committee on Public Works and Transportation.
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