Small Business Leads to Economic Recovery Act of 2001

Small Business Leads to Economic Recovery Act of 2001 - Small Business Emergency Loan Assistance Act of 2001 - Amends the Small Business Act to provide assistance to small business concerns affected by the terrorist attacks of September 11, 2001, including through: (1) deferment of repayment and forgiveness of interest on new and existing disaster loans; (2) a temporary loan program; and (3) the temporary suspension of guarantee fees.

Amends the Internal Revenue Code to: (1) increase the limitation and phase-out threshold for expensing depreciable business assets; (2) allow expensing of computer software; (3) shorten the computer/software depreciation recovery period; (3) increase the depreciation limits for business vehicles and the allowable deduction for business meals; (4) exclude government-guaranteed capital borrowed by Debenture Small Business Investment Companies from debt for purposes of unrelated business taxable income; and (5) repeal the alternative minimum tax on individuals and increase its availability to small corporations by raising the ceiling for the gross receipts test.

Increases small business set-aside opportunities in military construction, Federal agency procurement, and emergency sole source procurement.