Economic Disaster Relief Act

Economic Disaster Relief Act - Provides that whenever an interested person believes that a labor dispute in the transportation industry results in a strike or lockout which has, or will have, caused a reduction of 50 percent in the gross tonnage shipped into or out of any State, such person may petition the Secretary of Commerce to declare an economic disaster in the affected State.

Empowers the Secretary, whenever such an economic disaster has been declared, to upon application by any small business concern in the affected State: (1) make an emergency grant of up to $100,000 to each concern; (2) make a long-term loan of up to $250,000 to each such concern; (3) make a grant or one-year loan in an amount necessary to maintain the existing employment level of such concern; and (4) make subsidy payments to each such concern for increased shipping costs and increased costs for storage of goods.

Authorizes appropriations of such sums as may be necessary to carry out the provisions of this Act.