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COMMITTEE ON SMALL BUSINESS

NEAL SMITH, Iowa, Chairman TOM STEED, Oklahoma

SILVIO O. CONTE, Massachusetts JOHN D. DINGELL, Michigan

J. WILLIAM STANTON, Ohio JAMES C. CORMAN, California

JOSEPH M. McDADE, Pennsylvania JOSEPH P. ADDABBO, New York

WILLIAM S. BROOMFIELD, Michigan FERNAND J. ST GERMAIN, Rhode Island TIM LEE CARTER, Kentucky CHARLES J. CARNEY, Ohio

M. CALDWELL BUTLER, Virginia HENRY B. GONZALEZ, Texas

WILLIAM S. COHEN, Maine JAMES M. HANLEY, New York

MILLICENT FENWICK, New Jersey JOHN BRECKINRIDGE, Kentucky

ROBERT W. KASTEN, JR., Wisconsin JOHN J. LAFALCE, New York

LARRY PRESSLER, South Dakota
BERKLEY BEDELL, Iowa

DAN QUAYLE, Indiana
FREDERICK W. RICHMOND, New York DAN MARRIOTT, Utah
MARTY RUSSO, Illinois
ALVIN BALDUS, Wisconsin
RICHARD NOLAN, Minnesota
HERMAN BAI LLO, New York
RICHARD H. ICHORD, Missouri
HENRY J. NOWAK, New York
THOMAS A. LUKEN, Ohio
JOSEPH A. LEFANTE, New Jersey
ANDY IRELAND, Florida
DALE E. KILDEE, Michigan
IKE SKELTON, Missouri
WYCHE FOWLER, JR., Georgia

BERNARD LAYNE, Staff Director
THOMAS G. POWERS, General Counsel
GEORGE M. GRANT, Jr., Legislative Counsel
GEORGE BAUERNFEIND, Tax Counsel

MICHAEL J. WARD, Counsel
LOIS LIBERTY, Publications Specialist

JAMES R. PHALEN, Minority Counsel
JOHN NEUMANN, Minority Legislative Assistant

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(II)

CONTENTS

SMALL BUSINESS ACT

Declaration of policy-.

Definition of small business concern..

Small Business Administration; organization, executive direction and

financing

General powers--

Lending authority :

Business loans.

Pool loans.--

Reasonable assurance of repayment.

Disaster loans..

Loans for structural and operational requirements imposed by Fed-

eral or State laws---

Loans to businesses affected by the reduction of Federal support of

strategic arms facilities---

Adjustment assistance for base closings..

Loans to businesses affected by the energy crisis_--

Loans to businesses suffering economic dislocation.

Trade adjustment assistance loans---

Disaster loan assistance to colleges and universities_

Water pollution control loans---

Loans to handicapped individuals.--

Loans to concerns loeated in urban or rural areas (functions trans-

ferred from OEO to the Small Business Act)--

: Small business resea reh grants.

Prime contracting authority of SBA--

Procurement, technical, managerial and other advisory services..

Define and certify "small business".

Certificates of competency and determinations under Walsh-Healey Public

Contracts Act..

'Insure fair treatment of small business..

Establish advisory groups--

Study competitive position of small business--

Small business subcontracting program--

Research and development; assistance to small business---

Reporting, recordkeeping, consultation requirements and investigations

Defense production pools.---

Transfer to Administration of small business functions, powers, duties.

Listing of agents and attorneys---

Charges for use of government-owned property-

Set-asides

Priority of contract awards.

Offenses and penalties.

Subordination of SBA collateral.

Duplication of activities.-

Appropriation authorizations---

SMALL BUSINESS INVESTMENT ACT OF 1958

Page

49 49 50 50 52 52 56 57 57

Statement of policy-
Definitions
Small Business Investment Division of SBA.--.
Organization of small business investment companies.
Capital requirements..
Borrowing power--
Equity capital for small business..
Loans to small business concerns.
Aggregate limitations.
Exemptions from other laws---
Miscellaneous provisions :

Cooperation with banks and other financial institutions.-
Use of advisory services; depository or fiscal agents, investment of

funds
Rules or regulations---
Forfeiture of rights, privileges, and franchises; jurisdiction.
Liability of United States.-
Powers and duties under Small Business Act applicable---
Losses sustained and future loss estimates to be included in SBA

Annual Report to Congress--
Additional material required in annual report..

Interest charges, limitation ---
Revocation and suspension of licenses; cease and desist orders.
Examinations and investigations..
Injunctions and other orders_
Conflicts of interest
Removal or suspension of directors and officers of licensees--
Unlawful acts and omissions by officers, directors, employees or agents;

breach of fiduciary duty---
Failure to file reports; penalties and forfeitures; exemptions.-
Jurisdiction and service of process.-
Interest subsidy--
Joint-ownership companies, benefits.-
Preferred stock asset coverage requirement, exemption.
Guarantees :

Lease guarantees.--
Pollution control guarantees_-

Surety bond guarantees ---
Loans to State and local development companies.
Criminal penalties--

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74 76 79 82 83

SBIC TAX PROVISIONS

86

86

87

Net operating loss deduction --
Dividends received by corporations--
Definition of personal holding company---
Bad debts, losses, and gains with respect to securities held by financial

institutions
Reserves for losses on loans of small business investment companies, etc...
Losses on small business investment company stock.--
Loss of small business investment company-

87 88 89 89

RELATED PROVISIONS OF LAW

165 91

Advocacy, Office of, establishment_-
Civil Rights Act of 1964_-
Consolidated Farm and Rural Development Act amendment, SBA disaster

loan interest rate and repeal of $5,000 forgiveness feature.
Disaster Relief Act of 1970_-.
Disaster Relief Act of 1974.
Domestic Volunteer Service Act of 1973 (SCORE-ACE)
Equal Credit Opportunity Act--
Flood Disaster Protection Act of 1973-
Privacy Act of 1974.-
SCORE-ACE. See Domestic Volunteer Service Act of 1973.
Small business, study of, authorization for.

100

93 110 101 139 105 145

165

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