Modification to Steel Loan Guarantee Program.

Sec. 336. Modification to Steel Loan Guarantee Program. (a) In General.—Section 101 of the Emergency Steel Loan Guarantee Act of 1999 (Public Law 106–51; 15 U.S.C. 1841 note) is amended as follows: (1) Terms and conditions.—Subsection (h) is amended— (A) in paragraph (1), by striking “2005” and inserting “2015”; and (B) by amending paragraph (4) to read as follows: “(4) Guarantee level.— “(A) In general.—Except as provided in subparagraphs (B) and (C), any loan guarantee provided under this section shall not exceed 85 percent of the amount of principal of the loan. “(B) Increased level one.—A loan guarantee maybe provided under this section in excess of 85 percent, but not more than 90 percent, of the amount of principal of the loan, if— “(i) the aggregate amount of loans guaranteed at such percentage and outstanding under this section at any one time does not exceed $100,000,000; and “(ii) the aggregate amount of loans guaranteed at such percentage under this section with respect to a single qualified steel company does not exceed $50,000,000. “(C) Increased level two.—A loan guarantee maybe provided under this section in excess of 85 percent, but not more than 95 percent, of the amount of principal of the loan, if— “(i) the aggregate amount of loans guaranteed at such percentage and outstanding under this section at any one time does not exceed $100,000,000; and “(ii) the aggregate amount of loans guaranteed at such percentage under this section with respect to a single qualified steel company does not exceed $50,000,000”. (2) Termination of guarantee authority.—Subsection (k) is amended by striking “2001” and inserting “2003”. (b) Applicability.—The amendments made by this section shall apply only with respect to any guarantee issued on or after the date of the enactment of this Act. 115 STAT. 473