Kerry to offer Kerry-Landrieu Small Business Hurricane Katrina Disaster Relief Amendment Today in the Senate
Below is an advance copy of the summary of the amendment:
Kerry-Landrieu Small Business Hurricane Katrina Disaster Relief Amendment
Deferred Payments on SBA Disaster Loans: Disaster loan borrowers (homeowners or businesses) would have a two-year period after receiving a disaster loan before they would need to begin making interest and principal payments on the loan — as we did for 9-11 victims.
Refinancing of Existing Disaster Loans and Business Debt: Many small businesses in the Hurricane Katrina disaster zone are paying off existing disaster loans or other business debt. This provision would allow these debts to be refinanced under the disaster loan program to help businesses consolidate and reduce debt with low-interest loans.