To amend the Small Business Act to allow an increased deferment period for loans under the 7(b) loan program.

Amends the Small Business Act to authorize the Administrator of the Small Business Administration (SBA), in making disaster loans to small businesses, to provide an option to defer repayment on such loans for a period of up to four years.

Applies such authority retroactively to any SBA disaster loan that was made: (1) in response to Hurricanes Katrina or Rita; and (2) for a small business located in a county or parish designated by the Administrator as a disaster area by reason of either such hurricane.