Page:United States Statutes at Large Volume 102 Part 3.djvu/1047

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PUBLIC LAW 100-000—MMMM. DD, 1988

PUBLIC LAW 100-590—NOV. 3, 1988

102 STAT. 2999

assistance or income being received by certified development companies from sources other than the Small Business Administration or those being assisted by the programs authorized in title V of the Small Business Investment Act of 1958. The report shall include any conditions or restrictions imposed on the development companies due to such financial assistance, a comparison of all sources of income which comprise the development companies' budgets, an analysis of the financial impact of various sources of financial assistance, and the feasibility of restricting assistance received from the Federal Government solely to Small Business Administration funding. (d) The table of contents of such Act is amended by inserting the following new item at the end thereof: "Sec. 506. Restrictions on development company assistance.". SEC. 118. DISASTER LOAN POLICY.

Section 2 of the Small Business Act (15 U.S.C. 631) is amended by adding the following new subsection: "(g) In administering the disaster loan program authorized by section 7 of this Act, to the maximum extent possible, the Administration shall provide assistance and counseling to disaster victims in filing applications, providing information relevant to loan processing, and in loan closing and prompt disbursement of loan proceeds and shall give the disaster program a high priority in allocating funds for administrative expenses.". SEC. 119. DEFINITION OF DISASTERS. (a) NATURAL DISASTERS.—Section 7 of the Small Business Act (15

U.S.C. 636) is amended by striking from paragraph (1) of subsection (b) "floods, riots or civil disorders, or other catastrophes:" and inserting in lieu thereof "natural or other disasters:". (b) IN GENERAL.—Section 3 of the Small Business Act (15 U.S.C. 632) is amended— (1) by adding the following new subsection: "(k) For the purposes of this Act, the term 'disaster' means a sudden event which causes severe damage including, but not limited to, floods, hurricanes, tornadoes, earthquakes, fires, explosions, volcanoes, windstorms, landslides or mudslides, tidal waves, ocean conditions resulting in the closure of customary fishing waters, riots, civil disorders or other catastrophes, except it does not include economic dislocations."; and (2) by redesignating the second subsection "(i)" as subsection "(1)". SEC. 120. DISASTER ASSISTANCE. (a) ECONOMIC INJURY.—Section 7(c) of the Small Business Act (15

U.S.C. 636(c)) is amended by adding the following new paragraph: "(7) The Administration shall not withhold disaster assistance pursuant to this paragraph to nurseries who are victims of drought disasters. As used in section 7(b)(2) the term "an area affected by a disaster" includes any county, or county contiguous thereto, determined to be a disaster by the President, the Secretary of Agriculture or the Administrator of the Small Business Administration.". (b) INTEREST RATES.—Section 7(c) of the Act is further amended by striking "business concern" from paragraph (5)(C) and inserting in lieu thereof "business or other concern, including agricultural cooperatives,".