A bill to provide relief to the victims of the 1979 Pearl River Flood.

Requires the cancellation of loans issued by the Small Business Administration (SBA) and the Farmers Home Administration (FmHA) to certain qualified persons who suffered sufficient damage or loss during the spring 1979 flood in Jackson, Mississippi. Provides that cancellation of all or a part of the principal or interest of such loans will be determined by the FmHA and the SBA on a case-by-case basis.