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15 U.S.C. § 636d — Disaster aid to major sources of employment

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 636d — Disaster aid to major sources of employment

**(a) Loans to disaster areas** The Small Business Administration in the case of a nonagricultural enterprise, and the Farmers Home Administration in the case of an agricultural enterprise, are authorized to provide any industrial, commercial, agricultural, or other enterprise, which has constituted a major source of employment in an area suffering a major disaster and which is no longer in substantial operation as a result of such disaster, a loan in such amount as may be necessary to enable such enterprise to resume operations in order to assist in restoring the economic viability of the disaster area. Loans authorized by this section shall be made without regard to limitations on the size of loans which may otherwise be imposed by any other provision of law or regulations promulgated pursuant thereto. **(b) Interest; deferred payments** Assistance under this section shall be in addition to any other Federal disaster assistance, except that such other assistance may be adjusted or modified to the extent deemed appropriate by the Director under the authority of section 4418 11 See References in Text note below. of title 42. Any loan made under this section shall be subject to the interest requirements of [section 636b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section636b&num=0&edition=prelim), but the President, if he deems it necessary, may defer payments of principal and interest for a period not to exceed three years after the date of the loan. Any such deferred payments shall bear interest at the rate determined under [section 636b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section636b&num=0&edition=prelim).

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Source file: Laws/federal/codes/united-states-code/title-15/section-636d-disaster-aid-to-major-sources-of-employment--5103b3bfeb.md
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Source location: Title 15, Chapter 14A, § 636d; chapter-14a-aid-to-small-business.md

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Federal law — U.S. Code and appendices · legal_authorities

26 U.S.C. § 165 — Losses

**(a) General rule** There shall be allowed as a deduction any loss sustained during the taxable year and not compensated for by insurance or otherwise. **(b) Amount of deduction** For purposes of subsection (a), the basis for determining the amount of the deduction for any loss shall be the adjusted basis provided in section 1011 for determining the loss from the sale or other disposition of property. **(c) Limitation on losses of individuals** In the case of an individual, the deduction under subsection (a) shall be limited to— (1) losses incurred in a trade or business; (2) losses incurred in any transaction entered into for profit, though not connected with a trade or business; and (3) except as provided in subsection (h), losses of property not connected with a trade or business or a transaction entered into for profit, if such losses arise from fire, storm, shipwreck, or other casualty, or from theft. **(d) Wagering losses** (1) **In general** — For purposes of losses from wagering transactions, the amount allowed as a deduction for any taxable year— (A) shall be equal to 90 percent of the amount of such losses during such taxable year, and (B) shall be allowed only to the extent of the gains from such transactions during such taxable year. (2) **Special rule** — For purposes of paragraph (1), the term “losses from wagering transactions” includes any deduction otherwise allowable under this chapter incurred in carrying on any wagering transaction. **(e) Theft losses** For purposes of subsection (a), any loss arising from theft shall be treated as sustained during the taxable year in which the taxpayer discovers such loss. **(f) Capital losses** Losses from sales or exchanges of capital assets shall be allowed only to the extent allowed in sections

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Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 5155 — Duplication of benefits

**(a) General prohibition** The President, in consultation with the head of each Federal agency administering any program providing financial assistance to persons, business concerns, or other entities suffering losses as a result of a major disaster or emergency, shall assure that no such person, business concern, or other entity will receive such assistance with respect to any part of such loss as to which he has received financial assistance under any other program or from insurance or any other source. **(b) Special rules** (1) **Limitation** — This section shall not prohibit the provision of Federal assistance to a person who is or may be entitled to receive benefits for the same purposes from another source if such person has not received such other benefits by the time of application for Federal assistance and if such person agrees to repay all duplicative assistance to the agency providing the Federal assistance. (2) **Procedures** — The President shall establish such procedures as the President considers necessary to ensure uniformity in preventing duplication of benefits. (3) **Effect of partial benefits** — Receipt of partial benefits for a major disaster or emergency shall not preclude provision of additional Federal assistance for any part of a loss or need for which benefits have not been provided. **(c) Recovery of duplicative benefits** A person receiving Federal assistance for a major disaster or emergency shall be liable to the United States to the extent that such assistance duplicates benefits available to the person for the same purpose from another source. The agency which provided the duplicative assistance shall collect such duplicative assistance from the recipient in accordance with chapter 37 of title 31, relating to debt collection, when

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 636b — Disaster loan interest rates

Any loan made under section 636a 11 See References in Text note below. of this title and section 4452 1 of title 42 shall not exceed the current cost of repairing or replacing the disaster injury, loss, or damage in conformity with current codes and specifications. Any loan made under sections 636a 1 and 636d of this title, and sections 3538 and 4452 1 of title 42 shall bear interest at a rate determined by the Secretary of the Treasury, taking into consideration the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity of ten to twelve years reduced by not to exceed 2 per centum per annum. In no event shall any loan made under this section bear interest at a rate in excess of 6 per centum per annum.

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Federal law — U.S. Code and appendices · legal_authorities

42 U.S.C. § 4453 to 4456 — Transferred

### Statutory Notes #### Codification Section 4453, Pub. L. 91–606, title II, § 234, Dec. 31, 1970, 84 Stat. 1754, which related to disaster loan interest rates, was transferred to [section 636b of Title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section636b&num=0&edition=prelim), Commerce and Trade. Section 4454, Pub. L. 91–606, title II, § 235, Dec. 31, 1970, 84 Stat. 1754, which related to prohibition on consideration of age of applicant for disaster loans, was transferred to [section 636c of Title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section636c&num=0&edition=prelim). Section 4455(a), Pub. L. 91–606, title II, § 236(a), Dec. 31, 1970, 84 Stat. 1754, which related to authority of the Secretary of Agriculture to reschedule and refinance Federal loans under the Rural Electrification Administration, was transferred to [section 912a of Title 7](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section912a&num=0&edition=prelim), Agriculture. Section 4455(b), Pub. L. 91–606, title II, § 236(b), Dec. 31, 1970, 84 Stat. 1754, which related to authority of the Secretary of Housing and Urban Development to reschedule and refinance Federal loans, was transferred to [section 3538 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section3538&num=0&edition=prelim). Section 4456, Pub. L. 91–606, title II, § 237, Dec. 31, 1970, 84 Stat. 1754, which related to disaster aid to major sources of employment, was transferred to [section 636d of Title 15](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section636d&num=0&edition=prelim), Commerce and Trade.

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 636d — Disaster aid to major sources of employ-

Page 878 TITLE 15—COMMERCE AND TRADE § 636c 1 See References in Text note below. 1 See References in Text note below. 1 See References in Text note below. terest at a rate determined by the Secretary of the Treasury, taking into consideration the cur- rent average market yield on outstanding mar- ketable obligations of the United States with re- maining periods to maturity of ten to twelve years reduced by not to exceed 2 per centum per annum. In no event shall any loan made under this section bear interest at a rate in excess of 6 per centum per annum. (Pub. L. 91–606, title II, § 234, Dec. 31, 1970, 84 Stat. 1754.) Editorial Notes REFERENCES IN TEXT Section 636a of this title, referred to in text, was re- pealed by Pub. L. 97–35, title XIX, § 1917, Aug. 13, 1981, 95 Stat. 781. Section 4452 of title 42, referred to in text, was re- pealed by Pub. L. 93–24, § 7, Apr. 20, 1973, 87 Stat. 25. CODIFICATION Section was enacted as part of the Disaster Relief Act of 1970, and not as part of the Small Business Act which comprises this chapter. Section was formerly classified to section 4453 of Title 42, The Public Health and Wel- fare. Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective Dec. 31, 1970, see section 304 of Pub. L. 91–606, set out as an Effective Date of 1970 Amend- ment note under section 165 of Title 26, Internal Rev- enue Code. § 636c. Age of applicant for disaster loans In the administration of any Federal disaster loan program under the authority of section 636a 1 of this title, section 4452 1 of title 42, or section 233 of Public Law 91–606, the age of any adult loan applicant shall not be considered in determining whether such loan should be made or the amount of such loan. (Pub. L. 91–606, title II, § 23

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