WASHINGTON – The Louisiana State Legislature last week passed a resolution, introduced by State Representative Jared Brossett, D-New Orleans, supporting legislation being introduced by United States Senator Mary L. Landrieu, D-La., Chair of the U.S. Senate Committee on Small Business and Entrepreneurship, that would offer interest relief on 2005/2008 disaster loans for small businesses. Many of these same businesses are now currently being impacted by the oil spill in the Gulf of Mexico.
“Our business owners have been up to their chin in water, now they are up to their knees in oil,” said Senator Landrieu. “While I appreciate the Federal government offering additional assistance to businesses impacted by the current Deepwater Horizon oil spill, these business owners want help with previous SBA disaster loans, not additional debt.
With this in mind, I am calling on my colleagues in the Senate to support this important legislation. I am grateful to have the support of the Louisiana Legislature, and I look forward to working with them as we continue to fight effects of the oil spill”
The “Southeast Hurricanes Small Business Disaster Relief Act of 2010” (S. 2986) would authorize the Small Business Administration (SBA) to provide relief up to $15,000 on interest payments due on U.S. Small Business Administration (SBA) disaster business loans provided to businesses following the 2005 and 2008 hurricanes. Interest relief is stretched over three years and a similar proposal was enacted in 1965 following Hurricane Betsy.
This proposal, co-sponsored by Senators Thad Cochran, R-Miss., and Roger Wicker, R-Miss., received similar support for the U.S. Chamber of Commerce, the New York Times, the Times Picayune, and other Gulf Coast groups. To view more information on the “Southeast Hurricanes Small Business Disaster Relief Act of 2010,” click here.
To view the full text of the resolution passed by the Louisiana Legislature (HCR 251), please click here.