To amend the Small Business Act to require that community development block grant funds provided for the same purpose as assistance under certain disaster relief programs of the Small Business Act be used to repay such assistance, and for other purposes.

“(2) Community development block grant disaster relief funds

“(A) Loans included—A covered entity affected by a major disaster declared by the President under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act that received a loan pursuant to subsection (b) or subsection (a)(31)(H) may receive covered CDBG–DR funds, which funds may be used to repay the principal and any interest accrued on the loan or the amount of other assistance received.

“(B) Use of other disaster assistance—As determined by the Administrator, a covered entity that receives covered CDBG–DR funds on or after the date of the enactment of this paragraph may use such covered CDBG–DR funds to repay the principal and any interest accrued on a loan or the amount of other assistance received under subsection (b).

“(C) Definitions—In this paragraph:

“(i) Covered CDBG–DR funds—The term covered CDBG–DR funds means amounts made available for grants made under title I of the Housing and Community Development Act of 1974 under an appropriations bill enacted with respect to a major disaster declared by the President under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act for a particular fiscal year.

“(ii) Covered entity—The term covered entity means—

“(I) with respect to a loan made under subsection (a)(31)(H), a small business concern;

“(II) with respect to a loan made under subsection (b)(1), a person;

“(III) with respect to a loan made under subsection (b)(2), a small business concern, private nonprofit organization, or small agricultural cooperative; and

“(IV) with respect to a loan made under subsection (b)(9), an eligible small business concern.”