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B-167790 1 (1978-09-26)

handle is hein.gao/gaobadgkp0001 and id is 1 raw text is: I THE COMPTROLLER GENERAL DECISION .: TmE UNITED STATES WA MINGTON. C.C. 20H54 ** ~iflX FILE: B-167790 MATTEOR DIGUEET: . DATE: September 26, 1978 OF: Small Business Administration Disaster Loan in Rockland Courty, New York Contrary to SEks interpretation, section 405 of Pub. L. No. 95-89which reduced interest rates on section 7(b)(1) disaster loans for disaster o&curring on or after July 1, 1976 * * *, does apply'to disaster that began before July 1, provided it was still continuing, as indicated by offtcial disaster derlaration, on that date. Since S3.- hasuautho rity to and in fact did make specific declaration diklarin iJune 30, 1976, as dpte of disastet on which Rockland County, Ne York wiar flooded. SA should reexdmine relevant informition to detiermine if, disaster vs still oceLzrring on July 1 and ihether diaster declaration should be arinded to so povide, in which case section 4C5 of Pub. L. No. 95-89 would cover those disaster loans, This decision to the-Administrator of the Small Business Administration (SBA' results fiom a requcst b:2fepresentative Benjamin A. Gilua that.our Office review SBA's interpretationof section 405 of Pub. L. No. 95-C9 (91 Stat. 553, 560, approved Augat 4, 1977), which amended section 7(b) of the Small Business Act, 15 D.S.C. I 636(b). Section 7(b)(1) authorizes the Administator to make loans which he deems necessary or appropriste because of floods, riots or civil disordeis, or other catastrophies. Pursuant to section 405 of Pub. L. No.'93-89, section 7(b) of the Small Busineeg Act was amended by the'insortion of an additional paragraph, reading in pertinent part am f'L-ows: 'Wtwithstanding any other provision of laws the interest rite.on the Adidnistration's share of any loan mads pursisant to paragraph (1) of this subsection to repair or replace a primary residence and/or re- place or repair damaged or destroyed personal property, -l1 -. I 6d I I ' I L_7

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