American Small Business Emergency Relief and Recovery Act of 2001

American Small Business Emergency Relief and Recovery Act of 2001-Amends the Small Business Act to authorize the Small Business Administration (SBA) to make disaster loans to a small business concern that has been directly affected and suffered or is likely to suffer substantial economic injury as the direct result of the terrorist attacks of September 11, 2001, including injury due to closure or suspension of its business for national security purposes by the Federal Government.

Authorizes the SBA, during the year after enactment of this Act, to make loans to small business concerns that have suffered or are likely to suffer economic harm to or disruption of operations as a result such attacks. Waives guarantee fees and increases the guarantee percentage on such loans for one year after the enactment of this Act.

Amends the Small Business Investment Act of 1958 to: (1) waive development company debenture guarantee loan fees for financings made after enactment of this Act for one year; and (2) authorize small business investment companies to issue leverage to assist small business concerns adversely impacted by the terrorist attacks.

Directs the Office of Advocacy of the SBA to conduct annual studies on the impact of the events of September 11, 2001, on small business concerns, and the effects of assistance provided under this Act.