Section 1 Cancellation or repayment for Small Business Administration disaster loans
Section 7(b) of the Small Business Act (15 U.S.C. 636(b)) is amended—
by redesignating the second paragraph (16) (relating to statute of limitations) as paragraph (17); and
by inserting after paragraph (17), as so redesignated, the following new paragraph:
“(17) Cancellation or repayment—The Administrator may cancel or repay an amount of the balance of interest and principal due on a loan made under this subsection for a borrower described in such subparagraph beginning on the date which is one year after the day on which the disaster or emergency declaration for which such loan was secured has been issued or deemed to have been issued.”