Employment Development Loan Act of 1979

[AI summary unavailable — showing source text] Employment Development Loan Act of 1979 - Amends the Public Works and Economic Development Act of 1965 to authorize the Secretary of Commerce to establish a development loan program in each area of substantial unemployment as determined by the Secretary of Labor pursuant to the Comprehensive Employment and Training Act. Requires such a program to provide loans to businesses which assure they will finance operations which will employ, for at least three years, significant numbers of unemployed individuals referred by a local agency designated to certify employees for the purpose of determining eligibility for the targeted jobs credit under the Internal Revenue Code of 1954. Stipulates that such loans: (1) shall have a term of three years subject to partial cancellation according to the length of time individuals are employed by a business; (2) shall bear interest at three percent, or four percent below the current average yield on comparable outstanding marketable obligations of the United States, whichever is higher; (3) shall require no payment of interest during the first year following receipt of the loan; and (4) shall not exceed a maximum amount determined by multiplying the n…