A bill to amend the Small Business Act to reduce the rate of interest on disaster relief loans under such act, to apply special provisions of such act to such loans made in connection with major disasters occurring after April 1, 1977, and before June 6, 1977.

Amends the Small Business Act to reduce the rate of interest on the Small Business Administration's portion of disaster relief loans with respect to major disaster of specified forms occurring on or after April 1, 1977, and prior to June 6, 1977, to three percent per annum.

Applies provisions of this Act pertaining to special hardship cases to such disasters.

Authorizes the Administration to make cash grants to an individual on a fixed income whose residence was destroyed in a disaster.