A bill to amend the Small Business Act to reduce the rate of interest on certain disaster loans under such Act.

[AI summary unavailable — showing source text] Amends the Small Business Act to make the following loans available for the relief of small business concerns affected by disasters occurring on or after October 1, 1978: (1) loans bearing interest at three percent for amounts not exceeding $55,000, for the repair or replacement of a principal residence or personal property; and (2) loans bearing interest at five percent on amounts not exceeding $250,000 for relief from major disasters declared by the President or natural disasters determined by the Secretary of Agriculture pursuant to the Consolidated Farm and Rural Development Act.…