Bill Number: S. 408
Short Title: Small Business Electricity Emergency Relief Act of 2001
Introduced: February 27, 2001
Sponsor: Senator Barbara Boxer (D-CA)

Purpose: To provide emergency relief to small businesses affected by the significant increases in the price of electricity.

Summary: Amends the Small Business Act to authorize the Small Business Administration (SBA) to make disaster loans to assist small businesses that have suffered or are likely to suffer substantial economic injury as the result of a sharp and significant increase in the price of electricity. Prohibits any such loan from being made if the total amount outstanding and committed to the borrower would exceed $1.5 million, unless the applicant is a major source of employment in its surrounding area. Requires, for such assistance: (1) a declaration of a disaster by the President or the SBA Administrator; or (2) a certification from the governor of the State that its small businesses have suffered such economic injury and are in need of assistance which is not otherwise available.