Page:United States Statutes at Large Volume 94 Part 1.djvu/890

 94 STAT. 840

PUBLIC LAW 96-302—JULY 2, 1980 "(f) After priority is given to the small business concerns specified in subsection (e), priority shall also be given to the awarding of contracts and the placement of subcontracts, on the basis of a total set-aside, to concerns which— "(1) are not eligible under subsection (e); "(2) are not small business concerns; and "(3) will perform a substantial proportion of the production on those contracts and subcontracts within areas of concentrated unemployment or underemployment or within labor surplus areas.". ASIAN PACIFIC AMERICANS

15 USC 631.

SEC. 118. (a) Section 2(e)(l)(C) of the Small Business Act is amended by inserting "Asian Pacific Americans," after "Native Americans,". (b) The last sentence of subparagraph (C) of the clause contained in 15 USC 637. section 8(d)(3) of the Small Business Act is amended by inserting "Asian Pacific Americans," after "Native Americans,". Applicability. (c)(l) The amendment made by subsection (a) shall apply as if 15 USC 631 note, included in the amendment made by section 201 of the Act entitled "An Act to amend the Small Business Act and the Small Business Investment Act of 1958", approved October 24, 1978 (Public Law 15 USC 631. 95-507). Applicability. (2) The amendment made by subsection (b) shall apply as if 15 USC 637 note, included in the amendment made by section 211 of the Act so entitled. 15 USC 637.

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" ^ DISASTER LOAN INTEREST RATES

^^^' ^^^' ^^^ Section 7(c) of the Small Business Act is amended by striking the period at the end and inserting in lieu thereof "; and" and by adding the following new paragraph: "(C) if the loan proceeds are to repair or replace property damaged or destroyed and if the applicant is a business concern which is able to obtain sufficient credit elsewhere, the interest rate shall not exceed the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the average maturities of such loans and adjusted to the nearest one-eighth of 1 percent, and an additional amount as determined by the Administration, but not to exceed 1 percent: Provided, That three years after such loan is fully disbursed and every two years thereafter for the term of the loan, if the Administration determines that the borrower is able to obtain a loan from non-Federal sources at reasonable rates and terms for loans of similar purposes and periods of time, the borrower shall, upon request by the Administration, apply for and accept such a loan in sufficient amount to repay the Administration: Provided further. That no loan under subsection (b)(1) shall be made, either directly or in cooperation with banks or other lending institutions through agreements to participate on an immediate or deferred basis, if the total amount outstanding and committed to the borrower under such subsection would exceed $500,000 for each disaster, unless an applicant constitutes a major source of employment in an area suffering a disaster, in which case the Administration, in its discretion, may waive the $500,000 limitation.".

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