§ 636d. — Disaster aid to major sources of employment.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC636d]
TITLE 15--COMMERCE AND TRADE
CHAPTER 14A--AID TO SMALL BUSINESS
Sec. 636d. Disaster aid to major sources of employment
(a) Loans to disaster areas
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 \1\ 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.
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\1\ See References in Text note below.
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(Pub. L. 91-606, title II, Sec. 237, Dec. 31, 1970, 84 Stat. 1754.)
References in Text
Section 4418 of title 42, referred to in subsec. (b), was repealed
by Pub. L. 93-288, title VI, Sec. 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 42.
Codification
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.
Effective Date
Section effective Aug. 1, 1969, see section 304 of Pub. L. 91-606,
set out as an Effective Date of 1970 Amendment note under section 165 of
Title 26, Internal Revenue Code.
Section Referred to in Other Sections
This section is referred to in section 636b of this title.
