S. 2831 · 114th Congress
A bill to amend the Small Business Investment Act of 1958 to provide priority for applicants for a license to operate as a small business investment company that are located in a disaster area.
- Stage
- Reported from committee
- Sponsor
- David Vitter
- Introduced
- 2016-04-21
- Latest action
- 2016-05-24 · Committee on Small Business and Entrepreneurship. Reported by Senator Vitter with an amendment in the nature of a substitute. Without written report.
Summary
(Sec. 1) This bill amends the Small Business Investment Act of 1958 to require the Small Business Administration (SBA) to give priority to small business investment company (SBIC) applications for licenses to operate in a declared major disaster area.
In calculating the outstanding leverage (debt) of one or more licensed SBICs in view of the maximum leverage allowed for debenture or loan guarantee purposes, the SBA shall not include the cost basis of any investment made by an SBIC in a small business concern in a major disaster area during the one-year period beginning on the date of the disaster declaration.