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) Interest; deferred payments
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 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.
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 (b), was repealed by Pub.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
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.
Section effective Aug. 1, 1969, see section 304 ofPub. L. 91–606, set out as an Effective Date of 1970 Amendment note under section
165 of Title
26, Internal Revenue Code.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.