Subsections (b) and (c) of section 631 of this title, referred to in subsecs. (a)(11) and (i)(1), were redesignated subsections (c) and (d), respectively, and a new subsection (b) was added by Pub. L. 100–418, title VIII, § 8002,
The Small Business Investment Act of 1958, referred to in subsecs. (a)(13), (36)(A)(xi)(III) and (j)(10)(A)(vi), (13)(D)(i), is Pub. L. 85–699,
The Trade Act of 1974, referred to in subsec. (a)(16)(E), is Pub. L. 93–618,
Section 7002(b) of the Families First Coronavirus Response Act, referred to in subsec. (a)(36)(A)(v), is section 7002(b) of Pub. L. 116–127, which is set out in a note under section 1401 of Title 26, Internal Revenue Code.
Section 7001 of the Families First Coronavirus Response Act, referred to in subsec. (a)(36)(A)(viii)(II)(dd), is section 7001 of Pub. L. 116–127, which is set out as a note under section 3111 of Title 26, Internal Revenue Code.
Section 7003 of the Families First Coronavirus Response Act, referred to in subsec. (a)(36)(A)(viii)(II)(ee), is section 7003 of Pub. L. 116–127, which is set out as a note under section 3111 of Title 26, Internal Revenue Code.
Section 308 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, referred to in subsec. (a)(36)(A)(xi)(II), is section 308 of Pub. L. 101–73, which is set out as a note under section 1463 of Title 12, Banks and Banking.
The Communications Act of 1934, referred to in subsec. (a)(36)(D)(iii)(II)(aa), (IV)(aa), is act June 19, 1934, ch. 652, 48 Stat. 1064. Title III of the Act is classified generally to subchapter III (§ 301 et seq.) of chapter 5 of Title 47, Telecommunications. For complete classification of this Act to the Code, see section 609 of Title 47 and Tables.
The Federal Deposit Insurance Act, referred to in subsec. (a)(36)(O)(ii), is act Sept. 21, 1950, ch. 967, § 2, 64 Stat. 873, which is classified generally to chapter 16 (§ 1811 et seq.) of Title 12, Banks and Banking. For complete classification of this Act to the Code, see Short Title note set out under section 1811 of Title 12 and Tables.
Section 9009a of this title and such section 9009a, referred to in subsec. (a)(36)(U), (37)(A)(iv)(III)(ee), were in the original “section 24 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act” and “such section 24”, respectively. The named Act was enacted as title III of div. N of Pub. L. 116–260, and section 324 of such title III, which defines “eligible person or entity” for purposes of that section, is classified to section 9009a of this title.
Section 2301 of the CARES Act, referred to in subsec. (a)(37)(J)(iii)(I)(aa), is section 2301 of Pub. L. 116–136, which is set out as a note under section 3111 of Title 26, Internal Revenue Code.
Section 303 of the Taxpayer Certainty and Disaster Relief Act of 2020, referred to in subsec. (a)(37)(J)(iii)(I)(bb), is section 303 of of div. EE of Pub. L. 116–260, title III,
The Robert T. Stafford Disaster Relief and Emergency Assistance Act, referred to in subsec. (b), is Pub. L. 93–288,
Section 231 of the Disaster Relief Act of 1970 [15 U.S.C. 636a], referred to in penultimate par. of subsec. (b), was repealed by Pub. L. 97–35, title XIX, § 1917,
The date of enactment of the Small Business Disaster Response and Loan Improvements Act of 2008, referred to in subsec. (c)(10), is the date of enactment of subtitle B (§§ 12051–12091) of title XII of Pub. L. 110–246, which was approved
Reorganization Plan Numbered 2 of 1954, referred to in subsec. (d)(1), is set out in the Appendix to Title 5, Government Organization and Employees.
Reorganization Plan Numbered 1 of 1957, referred to in subsec. (d)(1), is set out in the Appendix to Title 5.
The Economic Opportunity Act of 1964, referred to in subsec. (i)(3), is Pub. L. 88–452,
The Public Works and Economic Development Act of 1965, referred to in subsec. (i)(5)(D), is Pub. L. 89–136,
Section 602(b) of Public Law 100–656, the “Business Opportunity Development Reform Act of 1988”, referred to in subsec. (j)(10)(J)(ii)(III), is set out as a note under section 637 of this title.
Section 35(a) of title 41, referred to in subsec. (j)(13)(C), was struck out and former section 35(b) of title 41 redesignated section 35(a) by Pub. L. 103–355, title VII, § 7201(1),
The Workforce Innovation and Opportunity Act, referred to in subsec. (j)(13)(E), is Pub. L. 113–128,
The Social Security Act, referred to in subsec. (m)(1)(A)(iv), (4)(F)(iii)(II)(aa), is act Aug. 14, 1935, ch. 531, 49 Stat. 620. Part A of title IV of the Act is classified generally to part A (§ 601 et seq.) of subchapter IV of chapter 7 of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see section 1305 of Title 42 and Tables.
Paragraph (10), referred to in subsec. (m)(2)(A), was redesignated paragraph (11) by Pub. L. 102–366, title I, § 113(a)(8),
Section 202(b) of the Small Business Reauthorization Act of 1997, referred to in subsec. (m)(4)(F)(i), is section 202(b) of Pub. L. 105–135, which is set out as a note below.
The Child Care and Development Block Grant Act of 1990, referred to in subsec. (m)(4)(F)(iii)(II)(aa), is subchapter C (§ 658A et seq.) of chapter 8 of subtitle A of title VI of Pub. L. 97–35, as added by Pub. L. 101–508, title V, § 5082(2),
In subsec. (d)(3), “
In subsec. (j)(11)(B)(i), as enacted by the amendments made by Pub. L. 101–37, “
“Sections 3131 and 3133 of title 40” substituted in subsec. (j)(13)(D) for “the Act entitled ‘An Act requiring contracts for the construction, alteration and repair of any public building or public work of the United States to be accompanied by a performance bond protecting the United States and by an additional bond for the protection of persons furnishing material and labor for the construction, alteration, or repair of said public buildings or public works’, approved
In subsec. (k)(3), “section 1342 of title 31” substituted for “section 3679(b) of the Revised Statutes (31 U.S.C. 665(b))” on authority of Pub. L. 97–258, § 4(b),
Section 3109 of title 5, referred to in subsec. (k)(4), substituted for “section 15 of the Administrative Expenses Act of 1946 (5 U.S.C. 55a)” on authority of Pub. L. 89–554, § 7(b),
Section 5703 of title 5, referred to in subsec. (k)(4), substituted for “section 5 of such Act (5 U.S.C. 73b–2)” on authority of section 7(b) of Pub. L. 89–554,
Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
Provisions similar to those comprising subsec. (e) of this section were contained in section 2(a) and (b) of Pub. L. 87–550,
Prior similar provisions were contained in section 207 of act July 30, 1953, ch. 282, title II, 67 Stat. 235, as amended by acts Aug. 9, 1955, ch. 628, §§ 2, 5, 69 Stat. 547; Feb. 2, 1956, ch. 29, §§ 2, 3, 70 Stat. 10; Pub. L. 85–335,
2022—Subsec. (a)(36)(W). Pub. L. 117–166, § 2(a), added subpar. (W).
Subsec. (a)(37)(P). Pub. L. 117–166, § 2(b), added subpar. (P).
Subsec. (b)(16). Pub. L. 117–249 added par. (16) relating to disaster declaration in rural areas.
Pub. L. 117–165 added par. (16) relating to statute of limitations.
2021—Subsec. (a)(36)(A)(iii). Pub. L. 117–6 substituted “
Subsec. (a)(36)(A)(xvii). Pub. L. 117–2, § 5001(a)(1)(A), added cl. (xvii).
Subsec. (a)(36)(D)(iii)(III). Pub. L. 117–2, § 5001(a)(1)(B)(i), added subcl. (III).
Subsec. (a)(36)(D)(iii)(IV). Pub. L. 117–2, § 5001(b)(1)(A), added subcl. (IV).
Subsec. (a)(36)(D)(iv)(V). Pub. L. 117–2, § 5001(b)(1)(B), added subcl. (V).
Subsec. (a)(36)(D)(v). Pub. L. 117–2, § 5001(b)(1)(C), substituted “subclause (II), (III), or (IV) of clause (iii), subclause (IV) or (V) of clause (iv), clause (vii), or clause (ix)” for “clause (iii)(II), (iv)(IV), or (vii)”.
Subsec. (a)(36)(D)(viii)(II). Pub. L. 117–2, § 5001(b)(1)(D), substituted “business concern made eligible by subclause (II) or (IV) of clause (iii) or subclause (IV) or (V) of clause (iv) of this subparagraph” for “business concern made eligible by clause (iii)(II) or clause (iv)(IV) of this subparagraph” and inserted “or organization” after “business concern” in two places.
Subsec. (a)(36)(D)(ix). Pub. L. 117–2, § 5001(a)(1)(B)(ii), added cl. (ix).
Subsec. (a)(37)(A)(i). Pub. L. 117–2, § 5001(a)(2), inserted “ ‘additional covered nonprofit entity’,” after “the terms”.
Subsec. (a)(37)(A)(iv)(II). Pub. L. 117–2, § 5001(b)(2), substituted “subclause (II), (III), or (IV) of clause (iii), subclause (IV) or (V) of clause (iv), clause (vii), or clause (ix)” for “clause (iii)(II), (iv)(IV), or (vii)”.
Subsec. (a)(37)(J)(iii)(I)(cc). Pub. L. 117–2, § 5001(c)(2), added item (cc).
Subsec. (j)(13)(F)(iii)(I). Pub. L. 116–283, § 866(b)(1), substituted “means—” and items (aa) and (bb) for “means the period beginning on
Subsec. (j)(13)(F)(iii)(II). Pub. L. 116–283, § 866(b)(2), inserted “or a covered territory business” after “a Puerto Rico business” and, in two places, substituted “either such business” for “the Puerto Rico business”.
2020—Subsec. (a)(2)(A). Pub. L. 116–260, § 326(a)(2), amended subpar. (A) generally. Prior to amendment, text read as follows: “Except as provided in subparagraphs (B), (D), (E), and (F), in an agreement to participate in a loan on a deferred basis under this subsection (including a loan made under the Preferred Lenders Program or the Community Advantage Pilot Program of the Administration), such participation by the Administration shall be equal to 90 percent of the balance of the financing outstanding at the time of disbursement of the loan.”
Pub. L. 116–260, § 326(a)(1), substituted “the Preferred Lenders Program or the Community Advantage Pilot Program of the Administration), such participation by the Administration shall be equal to 90 percent of the balance of the financing outstanding at the time of disbursement of the loan.” for “the Preferred Lenders Program), such participation by the Administration shall be equal to—
“(i) 75 percent of the balance of the financing outstanding at the time of disbursement of the loan, if such balance exceeds $150,000; or
“(ii) 85 percent of the balance of the financing outstanding at the time of disbursement of the loan, if such balance is less than or equal to $150,000.”
Pub. L. 116–136, § 1102(a)(1)(A), substituted “(E), and (F)” for “and (E)” in introductory provisions.
Subsec. (a)(2)(F). Pub. L. 116–136, § 1102(a)(1)(B), added subpar. (F).
Subsec. (a)(7). Pub. L. 116–260, § 334, designated existing provisions as subpar. (A), inserted heading, substituted “The Administrator” for “The Administration”, inserted “and interest” after “principal”, and added subpars. (B) and (C).
Subsec. (a)(31)(A)(iv). Pub. L. 116–260, § 326(b)(2)(B), substituted “guarantee rate of not more than 50 percent.” for “guarantee rate—
“(I) for a loan in an amount less than or equal to $350,000, of not more than 75 percent; and
“(II) for a loan in an amount greater than $350,000, of not more than 50 percent.”
Pub. L. 116–260, § 326(b)(2)(A), substituted “with a guarantee rate—
“(I) for a loan in an amount less than or equal to $350,000, of not more than 75 percent; and
“(II) for a loan in an amount greater than $350,000, of not more than 50 percent.”
for “with a guaranty rate of not more than 50 percent.”
Subsec. (a)(31)(D). Pub. L. 116–136, § 1102(c)(2), as amended by Pub. L. 116–260, § 326(b)(1), substituted “$500,000” for “$1,000,000”.
Pub. L. 116–136, § 1102(c)(1), substituted “$1,000,000” for “$350,000”.
Subsec. (a)(31)(G)(ii), (iii). Pub. L. 116–136, § 1102(d), redesignated cl. (iii) as (ii) and struck out former cl. (ii). Prior to amendment, text read as follows: “If the President’s budget for the upcoming fiscal year, submitted to Congress pursuant to section 1105(a) of title 31, includes a cost for the program established under this subsection that is above zero, the requirements of clause (i) shall not apply to loans made during such upcoming fiscal year.”
Subsec. (a)(36). Pub. L. 116–136, § 1102(a)(2), added par. (36).
Subsec. (a)(36)(A)(iii). Pub. L. 116–260, § 343(a), substituted “
Pub. L. 116–142, § 3(a), substituted “
Subsec. (a)(36)(A)(viii)(I)(aa)(EE). Pub. L. 116–260, § 308(a), inserted “or group life, disability, vision, or dental insurance” before “benefits”.
Subsec. (a)(36)(A)(viii)(I)(bb). Pub. L. 116–260, § 344(1), substituted “on an annualized basis, as prorated for the period during which the payments are made or the obligation to make the payments is incurred” for “in 1 year, as prorated for the covered period”.
Subsec. (a)(36)(A)(viii)(II)(aa). Pub. L. 116–260, § 344(2)(A), substituted “$100,000 on an annualized basis, as prorated for the period during which the compensation is paid or the obligation to pay the compensation is incurred” for “an annual salary of $100,000, as prorated for the covered period”.
Subsec. (a)(36)(A)(viii)(II)(bb). Pub. L. 116–260, § 344(2)(B), substituted “applicable period” for “covered period”.
Subsec. (a)(36)(A)(x) to (xii). Pub. L. 116–139, § 101(d)(1), added cls. (x) to (xii).
Subsec. (a)(36)(A)(xiii). Pub. L. 116–260, § 315(a), added cl. (xiii).
Subsec. (a)(36)(A)(xiv). Pub. L. 116–260, § 316(1), added cl. (xiv).
Subsec. (a)(36)(A)(xv). Pub. L. 116–260, § 318(1), added cl. (xv).
Subsec. (a)(36)(A)(xvi). Pub. L. 116–260, § 342(1), added cl. (xvi).
Subsec. (a)(36)(D)(i). Pub. L. 116–260, § 316(2)(A), inserted “housing cooperative,” before “veterans organization,” wherever appearing.
Subsec. (a)(36)(D)(ii)(II). Pub. L. 116–260, § 335(a), substituted “as determined necessary by the Administrator and the Secretary, to establish the applicant as eligible” for “as is necessary to establish such individual as eligible, including payroll tax filings reported to the Internal Revenue Service, Forms 1099–MISC, and income and expenses from the sole proprietorship, as determined by the Administrator and the Secretary”.
Subsec. (a)(36)(D)(iii). Pub. L. 116–260, § 317(a), designated existing provisions as subcl. (I), inserted heading, and added subcl. (II).
Subsec. (a)(36)(D)(iv)(IV). Pub. L. 116–260, § 317(b), added subcl. (IV).
Subsec. (a)(36)(D)(v). Pub. L. 116–260, § 318(2)(A), inserted “or for purposes of determining the number of employees of a housing cooperative or a business concern or organization made eligible for a loan under this paragraph under clause (iii)(II), (iv)(IV), or (vii),” before “the term ‘employee’ ”.
Subsec. (a)(36)(D)(vi). Pub. L. 116–260, § 318(2)(B), inserted “a business concern or organization made eligible for a loan under this paragraph under clause (vii),” after “a nonprofit organization,”.
Pub. L. 116–260, § 316(2)(B), which directed the insertion of “, a housing cooperative,” before “a veterans organization”, was executed by making the insertion before “and a veterans organization” to reflect the probable intent of Congress.
Subsec. (a)(36)(D)(vii). Pub. L. 116–260, § 318(2)(C), added cl. (vii).
Subsec. (a)(36)(D)(viii). Pub. L. 116–260, § 317(c), in cl. (viii) added by section 342(2) of Pub. L. 116–260, designated existing provisions as subcl. (I), inserted heading, substituted “Subject to subclause (II), and notwithstanding” for “Notwithstanding”, and added subcl. (II).
Pub. L. 116–260, § 342(2), added cl. (viii).
Subsec. (a)(36)(E). Pub. L. 116–260, § 313(a)(1), substituted “Except as provided in subparagraph (V), during” for “During” in introductory provisions.
Subsec. (a)(36)(E)(i)(I)(aa)(AA). Pub. L. 116–260, § 336(a), substituted “except that an applicant that is a seasonal employer shall use the average total monthly payments for payroll for any 12-week period selected by the seasonal employer between
Subsec. (a)(36)(F)(i)(VIII) to (XI). Pub. L. 116–260, § 304(a), added subcls. (VIII) to (XI).
Subsec. (a)(36)(F)(v). Pub. L. 116–260, § 337(a), substituted “clause (i) or (iv)” for “clause (i)”.
Subsec. (a)(36)(F)(vi). Pub. L. 116–260, § 319, added cl. (vi).
Subsec. (a)(36)(H). Pub. L. 116–260, § 338(a)(1), substituted “With” for “During the covered period, with” in introductory provisions.
Subsec. (a)(36)(J). Pub. L. 116–260, § 338(a)(2), substituted “With” for “During the covered period, with” in introductory provisions.
Subsec. (a)(36)(K). Pub. L. 116–260, § 304(b)(1)(C)(ii)(I), substituted “section 636m” for “section 9005” in introductory provisions.
Subsec. (a)(36)(K)(ii). Pub. L. 116–142, § 2(a), inserted “minimum maturity of 5 years and a” before “maximum maturity”.
Subsec. (a)(36)(L). Pub. L. 116–260, § 339(b), inserted “, calculated on a non-compounding, non-adjustable basis” after “4 percent”.
Subsec. (a)(36)(M). Pub. L. 116–260, § 304(b)(1)(C)(ii)(II)(aa), substituted “section 636m” for “section 9005” in two places.
Subsec. (a)(36)(M)(ii). Pub. L. 116–260, § 338(a)(3)(A), substituted “The” for “During the covered period, the” in introductory provisions.
Subsec. (a)(36)(M)(ii)(II). Pub. L. 116–142, § 3(c)(1), substituted “, including payment of principal, interest, and fees, until the date on which the amount of forgiveness determined under section 9005 of this title is remitted to the lender.” for “for a period of not less than 6 months, including payment of principal, interest, and fees, and not more than 1 year.”
Subsec. (a)(36)(M)(iii). Pub. L. 116–260, § 338(a)(3)(B), substituted “With” for “During the covered period, with”.
Pub. L. 116–142, § 3(c)(2), substituted “, including payment of principal, interest, and fees, until the date on which the amount of forgiveness determined under section 9005 of this title is remitted to the lender.” for “for a period of not less than 6 months, including payment of principal, interest, and fees, and not more than 1 year.”
Subsec. (a)(36)(M)(v). Pub. L. 116–260, § 304(b)(1)(C)(ii)(II)(bb), substituted “section 636m(a)” for “section 9005(a)”.
Pub. L. 116–142, § 3(c)(3), added cl. (v).
Subsec. (a)(36)(P)(i). Pub. L. 116–260, § 340(a)(1), amended cl. (i) generally. Prior to amendment, text read as follows: “The Administrator shall reimburse a lender authorized to make a covered loan at a rate, based on the balance of the financing outstanding at the time of disbursement of the covered loan, of—
“(I) 5 percent for loans of not more than $350,000;
“(II) 3 percent for loans of more than $350,000 and less than $2,000,000; and
“(III) 1 percent for loans of not less than $2,000,000.”
Subsec. (a)(36)(P)(ii). Pub. L. 116–260, § 340(b)(1), inserted at end “If an eligible recipient has knowingly retained an agent, such fees shall be paid by the eligible recipient and may not be paid out of the proceeds of a covered loan. A lender shall only be responsible for paying fees to an agent for services for which the lender directly contracts with the agent.”
Subsec. (a)(36)(P)(iii). Pub. L. 116–260, § 340(a)(2), amended cl. (iii) generally. Prior to amendment, text read as follows: “A reimbursement described in clause (i) shall be made not later than 5 days after the disbursement of the covered loan.”
Subsec. (a)(36)(Q). Pub. L. 116–260, § 341, which directed striking out “during the period beginning on
Subsec. (a)(36)(S). Pub. L. 116–139, § 101(d)(2), added subpar. (S).
Subsec. (a)(36)(T). Pub. L. 116–260, § 310(a)(1), added subpar. (T).
Subsec. (a)(36)(U). Pub. L. 116–260, § 310(b), added subpar. (U).
Subsec. (a)(36)(V). Pub. L. 116–260, § 313(a)(2), added subpar. (V).
Subsec. (a)(37). Pub. L. 116–260, § 311(a), added par. (37).
Subsec. (b)(2). Pub. L. 116–136, § 1110(f)(7), inserted “: Provided further, That for purposes of subparagraph (D), the Administrator shall deem that such an emergency affects each State or subdivision thereof (including counties), and that each State or subdivision has sufficient economic damage to small business concerns to qualify for assistance under this paragraph and the Administrator shall accept applications for such assistance immediately” before period at end of concluding provisions.
Subsec. (b)(2)(D). Pub. L. 116–136, § 1110(f)(1)–(3), (5), added subpar. (D). Former subpar. (D) redesignated (E).
Subsec. (b)(2)(E). Pub. L. 116–136, § 1110(f)(4), (6), redesignated subpar. (D) as (E) and substituted “(C), or (D)” for “or (C)”; “disaster or emergency declaration” for “disaster declaration” in two places; “disaster or emergency has occurred” for “disaster has occurred”; “such disaster or emergency” for “such disaster”; and “disaster- or emergency-stricken” for “disaster stricken”.
Subsec. (m)(3)(C). Pub. L. 116–260, § 329(a)(2), substituted “$7,000,000” for “$10,000,000” and “$3,000,000” for “$4,500,000”.
Pub. L. 116–260, § 329(a)(1)(A), substituted “$10,000,000 (in the aggregate)” for “and $6,000,000” and inserted before period at end “, and $4,500,000 in any of those remaining years”.
Subsec. (m)(4)(A). Pub. L. 116–260, § 329(a)(1)(B)(i), substituted “subparagraphs (C) and (G)” for “subparagraph (C)” in two places.
Subsec. (m)(4)(C)(i). Pub. L. 116–260, § 329(a)(1)(B)(ii), amended cl. (i) generally. Prior to amendment, text read as follows: “Each intermediary that has a portfolio of loans made under this subsection that averages not more than $10,000 during the period of the intermediary’s participation in the program shall be eligible to receive a grant equal to 5 percent of the total outstanding balance of loans made to the intermediary under this subsection, in addition to grants made under subparagraph (A).”
Subsec. (m)(4)(G). Pub. L. 116–260, § 329(a)(1)(B)(iii), added subpar. (G).
Subsec. (m)(11)(C)(ii). Pub. L. 116–260, § 329(a)(1)(C)(i), which directed amendment of cl. (ii) by striking all after the semicolon and inserting “and”, could not be executed because a semicolon did not appear.
Subsec. (m)(11)(D). Pub. L. 116–260, § 329(a)(1)(C)(ii), which directed amendment of par. (11) “by striking all after subparagraph (C) and inserting” subpar. (D), was executed by adding subpar. (D) after subpar. (C), to reflect the probable intent of Congress.
2019—Subsec. (b)(3)(A)(i), (ii). Pub. L. 116–92, § 877(a)(1)(A), added cl. (i), redesignated former cl. (i) as (ii) and inserted “and” at end, and struck out former cl. (ii) which defined the term “period of military conflict”.
Subsec. (b)(3)(B). Pub. L. 116–92, § 877(a)(1)(B), substituted “being ordered to perform active service for a period of more than 30 consecutive days” for “being ordered to active military duty during a period of military conflict”.
Subsec. (b)(3)(C). Pub. L. 116–92, § 877(a)(1)(C), substituted “active service” for “active duty” in two places.
Subsec. (b)(3)(G)(ii)(II). Pub. L. 116–92, § 877(a)(1)(D), substituted “active service” for “active duty”.
Subsec. (n). Pub. L. 116–92, § 877(a)(2), substituted “active service” for “active duty” in heading and in two places in each of pars. (1)(D) and (2)(B), and in par. (1), added subpar. (A), redesignated former subpars. (A) and (B) as (B) and (C), respectively, substituted “ordered to perform active service for a period of more than 30 consecutive days” for “ordered to active duty during a period of military conflict” in subpar. (B) as redesignated, and struck out former subpar. (C) which defined the term “period of military conflict”.
2018—Subsec. (a)(1)(A)(i). Pub. L. 115–189 inserted “The Administrator has the authority to direct, and conduct oversight for, the methods by which lenders determine whether a borrower is able to obtain credit elsewhere.” before “No financial assistance”.
Subsec. (a)(15)(A). Pub. L. 115–232, § 862(b)(1)(A)(i), substituted “this subsection—” for “this subsection”, inserted cl. (i) designation before “to qualified employee trusts” and “, and for any transaction costs associated with purchasing,” after “purchasing”, substituted “; and” for period at end, and added cl. (ii).
Subsec. (a)(15)(B). Pub. L. 115–232, § 862(b)(1)(A)(ii)(I), inserted “or by the small business concern” after “the trustee of such trust” in introductory provisions.
Subsec. (a)(15)(B)(iv). Pub. L. 115–232, § 862(b)(1)(A)(ii)(II)–(IV), added cl. (iv).
Subsec. (a)(15)(E). Pub. L. 115–232, § 862(f), substituted “Administration, which shall include—” for “Administration.” and added cls. (i) to (iii).
Subsec. (a)(15)(F), (G). Pub. L. 115–232, § 862(b)(1)(A)(iii), added subpars. (F) and (G).
Subsec. (a)(29). Pub. L. 115–370 redesignated introductory provisions as subpar. (A) and inserted heading, redesignated former subpars. (A) and (B) as cls. (i) and (ii), respectively, of subpar. (A) and realigned margins, in cl. (i), substituted “, if such loan is in an amount greater than the Federal banking regulator appraisal threshold” for “for more than $250,000”, in cl. (ii), substituted “, if such loan is in an amount equal to or less than the Federal banking regulator appraisal threshold” for “$250,000 or less”, and added subpar. (B).
Subsec. (a)(35). Pub. L. 115–232, § 862(b)(1)(B), added par. (35).
Subsec. (j)(13)(F)(iii). Pub. L. 115–232, § 861(c), added cl. (iii).
Subsec. (m)(3)(C). Pub. L. 115–232, § 853(b), substituted “$6,000,000” for “$5,000,000”.
Subsec. (m)(4)(E). Pub. L. 115–141 substituted “50 percent” for “25 percent” in cls. (i) and (ii).
2015—Subsec. (a)(1)(A). Pub. L. 114–38, § 4(b)(1), designated existing provisions as cl. (i), inserted cl. (i) heading, and added cl. (ii)
Subsec. (a)(1)(C). Pub. L. 114–38, § 4(b)(2), added subpar. (C).
Subsec. (a)(31)(A). Pub. L. 114–88, § 2106(1), added cl. (i) and redesignated former cls. (i) to (iii) as (ii) to (iv), respectively.
Subsec. (a)(31)(G). Pub. L. 114–38, § 2, added subpar. (G).
Subsec. (a)(31)(H). Pub. L. 114–88, § 2106(2), added subpar. (H).
Subsec. (b)(1)(A). Pub. L. 114–88, § 1102, substituted “mitigating measures, including—” and text of cls. (i) to (iii) for “mitigating measures, including, but not limited to, construction of retaining walls and sea walls, grading and contouring land, relocating utilities and modifying structures”.
Subsec. (b)(10). Pub. L. 114–88, § 1103, added par. (10).
Subsec. (b)(11). Pub. L. 114–88, § 1104, added par. (11).
Subsec. (b)(12). Pub. L. 114–88, § 2101, added par. (12).
Subsec. (b)(13). Pub. L. 114–88, § 2107, added par. (13).
Subsec. (b)(14). Pub. L. 114–88, § 2201, added par. (14).
Subsec. (b)(15). Pub. L. 114–88, § 2301(a), added par. (15).
Subsec. (d)(6). Pub. L. 114–88, § 2109, inserted “: Provided further, That the Administrator, in obtaining the best available collateral for a loan of not more than $200,000 under paragraph (1) or (2) of subsection (b) relating to damage to or destruction of the property of, or economic injury to, a small business concern, shall not require the owner of the small business concern to use the primary residence of the owner as collateral if the Administrator determines that the owner has other assets of equal quality and with a value equal to or greater than the amount of the loan that could be used as collateral for the loan: Provided further, That nothing in the preceding proviso may be construed to reduce the amount of collateral required by the Administrator in connection with a loan described in the preceding proviso or to modify the standards used to evaluate the quality (rather than the type) of such collateral” after “which are made under paragraph (1) of subsection (b)”.
Pub. L. 114–88, § 2102(b), substituted “$14,000” for “$25,000” and “in the event of a major disaster” for “in the event of a disaster”.
Pub. L. 114–88, § 2102(a), substituted “$25,000” for “$14,000” and “in the event of a disaster” for “in the event of a major disaster”.
Subsec. (d)(8). Pub. L. 114–88, § 1101, added par. (8).
Subsec. (j)(10)(D)(i). Pub. L. 114–92 struck out “The Business Opportunity Specialist shall have a Level I Federal Acquisition Certification in Contracting (or any successor certification) or the equivalent Department of Defense certification, except that a Business Opportunity Specialist serving at the time of the date of enactment of the National Defense Authorization Act for Fiscal Year 2013 may continue to serve as a Business Opportunity Specialist for a period of 5 years beginning on that date of enactment without such a certification.” after “to assist such Program Participant.”
Subsec. (j)(13)(F). Pub. L. 114–88, § 2105, designated existing provisions as cl. (i) and added cl. (ii).
2014—Subsec. (j)(13)(E). Pub. L. 113–128 substituted “an institution eligible to provide skills training or upgrading under title I of the Workforce Innovation and Opportunity Act” for “an institution eligible to provide skills training or upgrading under title I of the Workforce Investment Act of 1998”.
2013—Subsec. (j)(10)(D)(i). Pub. L. 112–239 inserted “The Business Opportunity Specialist shall have a Level I Federal Acquisition Certification in Contracting (or any successor certification) or the equivalent Department of Defense certification, except that a Business Opportunity Specialist serving at the time of the date of enactment of the National Defense Authorization Act for Fiscal Year 2013 may continue to serve as a Business Opportunity Specialist for a period of 5 years beginning on that date of enactment without such a certification.” after “to assist such Program Participant.”
2011—Subsec. (d)(5)(D). Pub. L. 112–74 substituted “7 years” for “three years”.
2010—Subsec. (a)(2)(A). Pub. L. 111–240, § 1206(a)(2)(A), substituted “subparagraphs (B), (D), and (E)” for “subparagraph (B)” in introductory provisions.
Subsec. (a)(2)(A)(i). Pub. L. 111–240, § 1111(b)(1)(A), substituted “75 percent” for “90 percent”.
Pub. L. 111–240, § 1111(a)(1)(A), substituted “90 percent” for “75 percent”.
Subsec. (a)(2)(A)(ii). Pub. L. 111–240, § 1111(b)(1)(B), substituted “85 percent” for “90 percent”.
Pub. L. 111–240, § 1111(a)(1)(B), substituted “90 percent” for “85 percent”.
Subsec. (a)(2)(C)(ii), (iii). Pub. L. 111–240, § 1206(e), added cl. (ii) and redesignated former cl. (ii) as (iii).
Subsec. (a)(2)(D). Pub. L. 111–240, § 1206(d)(1), substituted “be” for “not exceed”.
Pub. L. 111–240, § 1206(a)(2)(B), substituted “In” for “Notwithstanding subparagraph (A), in”.
Subsec. (a)(2)(E). Pub. L. 111–240, § 1206(a)(2)(C), added subpar. (E).
Subsec. (a)(3)(A). Pub. L. 111–240, § 1111(b)(2), substituted “$3,750,000” for “$4,500,000”.
Pub. L. 111–240, § 1111(a)(2), substituted “$4,500,000 (or if the gross loan amount would exceed $5,000,000” for “$1,500,000 (or if the gross loan amount would exceed $2,000,000”.
Subsec. (a)(3)(B). Pub. L. 111–240, § 1206(a)(1), substituted “$4,500,000 (or if the gross loan amount would exceed $5,000,000), of which not more than $4,000,000” for “$1,750,000, of which not more than $1,250,000”.
Subsec. (a)(14). Pub. L. 111–240, § 1206(d)(2), inserted par. (14) and subpar. (A) headings, substituted “The Administrator” for “The Administration” in subpar. (A), added subpar. (B), redesignated former subpars. (B) and (C) as (C) and (D), respectively, and inserted headings, and substituted “The Administrator” for “The Administration” in subpar. (D) as redesignated.
Subsec. (a)(16)(A). Pub. L. 111–240, § 1206(b)(1), struck out “in” before dash at end of introductory provisions.
Subsec. (a)(16)(A)(i). Pub. L. 111–240, § 1206(b)(2), inserted “in” after cl. (i) designation and struck out “or” at end.
Subsec. (a)(16)(A)(ii). Pub. L. 111–240, § 1206(b)(3), inserted “in” after cl. (ii) designation and substituted “, including any debt that qualifies for refinancing under any other provision of this subsection; or” for period at end.
Subsec. (a)(16)(A)(iii). Pub. L. 111–240, § 1206(b)(4), added cl. (iii).
Subsec. (a)(16)(B). Pub. L. 111–240, § 1206(c), designated existing provisions as cl. (i), inserted cl. (i) heading, substituted “Except as provided in clause (ii), each loan” for “Each loan”, and added cl. (ii).
Subsec. (a)(16)(F). Pub. L. 111–240, § 1206(g), added subpar. (F).
Subsec. (a)(31)(D). Pub. L. 111–240, § 1135(b), substituted “$350,000” for “$1,000,000”.
Pub. L. 111–240, § 1135(a), substituted “$1,000,000” for “$350,000”.
Subsec. (a)(32), (33). Pub. L. 111–240, § 1133(a)(1), redesignated par. (32), relating to increased veteran participation program, as (33).
Subsec. (a)(34). Pub. L. 111–240, § 1133(b), redesignated par. (35) as (34) and struck out former par. (34) which related to floor plan financing program.
Pub. L. 111–240, § 1133(a)(2), added par. (34).
Subsec. (a)(35). Pub. L. 111–240, § 1206(f), added par. (35).
Pub. L. 111–240, § 1133(b)(2), redesignated par. (35) as (34).
Subsec. (l). Pub. L. 111–240, § 1131(a), added subsec. (l) and struck out former subsec. (l) which read “[RESERVED]”.
Subsec. (m)(1)(B)(iii). Pub. L. 111–240, § 1113(1), substituted “$50,000” for “$35,000”.
Subsec. (m)(3)(B). Pub. L. 111–240, § 1401(c)(1)(A), struck out cl. (i) designation and heading, substituted “As” for “Subject to clause (ii), as”, and struck out cl. (ii) relating to waiver of non-Federal share.
Pub. L. 111–240, § 1401(a)(1), designated existing provisions as cl. (i) and inserted cl. (i) heading, substituted “Subject to clause (ii), as a condition” for “As a condition” and “the Administrator” for “the Administration”, and added cl. (ii).
Subsec. (m)(3)(C). Pub. L. 111–240, § 1113(2)(A), substituted “$5,000,000” for “$3,500,000”.
Subsec. (m)(3)(E). Pub. L. 111–240, § 1113(2)(B), substituted “$50,000” for “$35,000” in two places.
Subsec. (m)(4)(B). Pub. L. 111–240, § 1401(c)(1)(B), struck out cl. (i) designation and heading, substituted “As” for “Subject to clause (ii), as”, and struck out cl. (ii) relating to waiver of non-Federal share.
Pub. L. 111–240, § 1401(a)(2), designated existing provisions as cl. (i), inserted cl. (i) heading, substituted “Subject to clause (ii), as a condition of a grant made under subparagraph (A), the Administrator shall require” for “As a condition of any grant made under subparagraph (A), the Administration shall require”, and added cl. (ii).
Subsec. (m)(11)(B). Pub. L. 111–240, § 1113(3), substituted “$50,000” for “$35,000”.
2008—Subsec. (a)(32). Pub. L. 110–186, § 208, added par. (32) relating to increased veteran participation program.
Subsec. (b). Pub. L. 110–246, § 12078(c)(2), in concluding provisions substituted “paragraphs (1) and (2)” for “paragraphs (1), (2), and (4)” and “paragraph (1) (2)” for “paragraph (1), (2), or (4)”.
Pub. L. 110–246, § 12078(c)(1), substituted “the Administration” for “the, Administration” in introductory provisions.
Pub. L. 110–246, § 12068(b)(2)(B), which directed amendment of “the undesignated matter following paragraph (3)” by substituting “Notwithstanding any other provision of law, and except as provided in subsection (d), the interest rate on the Administration’s share of any loan made under subsection (b)” for “Notwithstanding the provisions of any other law the interest rate on the Administration’s share of any loan made under subsection (b) except as provided in subsection (c),” was executed by making the substitution for “Notwithstanding the provisions of any other law, the interest rate on the Administration’s share of any loan made under subsection (b), except as provided in subsection (c),” in concluding provisions after par. (6), to reflect the probable intent of Congress and the addition of pars. (4) to (6) by Pub. L. 110–246, §§ 12063(a), 12066(a). See below.
Pub. L. 110–246, § 12068(b)(2)(A), which directed amendment of “the undesignated matter following paragraph (3)” by substituting “That the provisions of paragraph (1) of subsection (d)” for “That the provisions of paragraph (1) of subsection (c)”, was executed by making the substitution in concluding provisions after par. (6), to reflect the probable intent of Congress and the addition of pars. (4) to (6) by Pub. L. 110–246, §§ 12063(a), 12066(a). See below.
Subsec. (b)(1)(A). Pub. L. 110–246, § 12078(b)(1), inserted “of the aggregate costs of such damage or destruction (whether or not compensated for by insurance or otherwise)” after “20 per centum”.
Subsec. (b)(2). Pub. L. 110–246, § 12061(a)(1), in introductory provisions inserted “, private nonprofit organization,” after “small business concern” and “, the organization,” after “the concern”.
Subsec. (b)(2)(A). Pub. L. 110–246, § 12063(c)(2), substituted “Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5121 et seq.)” for “Disaster Relief and Emergency Assistance Act”.
Subsec. (b)(2)(D). Pub. L. 110–246, § 12061(a)(2), inserted “, private nonprofit organizations,” after “small business concerns”.
Subsec. (b)(3)(C). Pub. L. 110–186, § 201(a), substituted “1 year” for “90 days” and inserted at end “The Administrator may, when appropriate (as determined by the Administrator), extend the ending date specified in the preceding sentence by not more than 1 year.”
Subsec. (b)(3)(E). Pub. L. 110–246, § 12077, inserted “, or have become due to changed economic circumstances,” after “constitutes”.
Subsec. (b)(3)(G), (H). Pub. L. 110–186, §§ 203, 204, added subpars. (G) and (H).
Subsec. (b)(4), (5). Pub. L. 110–246, § 12063(a), added pars. (4) and (5).
Subsec. (b)(6). Pub. L. 110–246, § 12066(a), added par. (6).
Subsec. (b)(7). Pub. L. 110–246, § 12074(a), added par. (7).
Subsec. (b)(8). Pub. L. 110–246, § 12078(a), added par. (8).
Subsec. (b)(9). Pub. L. 110–246, § 12081, added par. (9).
Subsec. (b)(9)(C), (D). Pub. L. 110–246, § 12082, added subpars. (C) and (D).
Subsec. (c). Pub. L. 110–246, § 12083(a), added subsec. (c).
Pub. L. 110–246, § 12068(a)(1), redesignated subsec. (c) as (d).
Subsec. (c)(5)(C). Pub. L. 110–246, § 12061(b), inserted “, private nonprofit organization,” after “business”.
Subsec. (c)(6). Pub. L. 110–246, § 12065, substituted “$14,000 or less (or such higher amount as the Administrator determines appropriate in the event of a major disaster)” for “$10,000 or less”.
Subsecs. (d) to (f). Pub. L. 110–246, § 12068(a), redesignated subsecs. (c) and (d) as (d) and (e), respectively, and added subsec. (f).
Subsec. (g). Pub. L. 110–246, § 12070, added subsec. (g).
2007—Subsec. (a)(31)(F). Pub. L. 110–140, § 1201, added subpar. (F).
Subsec. (a)(32). Pub. L. 110–140, § 1202, added par. (32).
2006—Subsec. (b)(2). Pub. L. 109–163, § 845(a)(2)(A), in introductory provisions, inserted “(including drought), with respect to both farm-related and nonfarm-related small business concerns,” before “if the Administration”.
Subsec. (b)(2)(B). Pub. L. 109–163, § 845(a)(2)(B), substituted “section 1961 of title 7, in which case, assistance under this paragraph may be provided to farm-related and nonfarm-related small business concerns, subject to the other applicable requirements of this paragraph” for “the Consolidated Farmers Home Administration Act of 1961 (7 U.S.C. 1961)”.
Subsec. (b)(2)(D). Pub. L. 109–163, § 845(c), substituted “Not later than 30 days after the date of receipt of such certification by a Governor of a State, the Administration shall respond in writing to that Governor on its determination and the reasons therefore, and may” for “Upon receipt of such certification, the Administration may”.
2004—Subsec. (a)(3)(A). Pub. L. 108–447, § 103(a), substituted “$1,500,000” for “$1,000,000”.
Subsec. (a)(3)(B). Pub. L. 108–447, § 107(b), substituted “$1,750,000” for “$1,250,000” and “$1,250,000” for “$750,000”.
Subsec. (a)(16). Pub. L. 108–447, § 107(a), inserted heading and amended par. (16) generally. Prior to amendment, par. (16) provided that the Administration could guarantee loans to assist any eligible small business concern in an industry engaged in or adversely affected by international trade in the financing of the acquisition, construction, renovation, modernization, improvement or expansion of productive facilities or equipment to be used in the United States in the production of goods and services involved in international trade.
Subsec. (a)(18)(A). Pub. L. 108–447, § 102(a), amended heading and text of subpar. (A) generally. Prior to amendment, text read as follows: “With respect to each loan guaranteed under this subsection (other than a loan that is repayable in 1 year or less), the Administration shall collect a guarantee fee, which shall be payable by the participating lender, and may be charged to the borrower, as follows:
“(i) A guarantee fee equal to 2 percent of the deferred participation share of a total loan amount that is not more than $150,000.
“(ii) A guarantee fee equal to 3 percent of the deferred participation share of a total loan amount that is more than $150,000, but not more than $700,000.
“(iii) A guarantee fee equal to 3.5 percent of the deferred participation share of a total loan amount that is more than $700,000.”
Subsec. (a)(18)(C). Pub. L. 108–447, § 102(b), struck out heading and text of subpar. (C). Text read as follows: “With respect to loans approved during the 2-year period beginning on
“(i) A guarantee fee equal to 1 percent of the deferred participation share of a total loan amount that is not more than $150,000.
“(ii) A guarantee fee equal to 2.5 percent of the deferred participation share of a total loan amount that is more than $150,000, but not more than $700,000.
“(iii) A guarantee fee equal to 3.5 percent of the deferred participation share of a total loan amount that is more than $700,000.”
Subsec. (a)(23). Pub. L. 108–447, § 102(c)(1), substituted “Yearly” for “Annual” in heading.
Subsec. (a)(23)(A). Pub. L. 108–447, § 102(c)(2), added subpar. (A) and struck out heading and text of former subpar. (A). Text read as follows: “With respect to each loan guaranteed under this subsection, the Administration shall, in accordance with such terms and procedures as the Administration shall establish by regulation, assess and collect an annual fee in an amount equal to 0.5 percent of the outstanding balance of the deferred participation share of the loan. With respect to loans approved during the 2-year period beginning on
Subsec. (a)(23)(B). Pub. L. 108–447, § 102(c)(3), substituted “yearly” for “annual”.
Subsec. (a)(23)(C). Pub. L. 108–447, § 102(c)(4), added subpar. (C).
Subsec. (a)(31). Pub. L. 108–447, § 101(a), added par. (31).
2001—Subsec. (a)(18)(C). Pub. L. 107–100, § 6(a)(1), added subpar. (C).
Subsec. (a)(23)(A). Pub. L. 107–100, § 6(a)(2), inserted at end “With respect to loans approved during the 2-year period beginning on
2000—Subsec. (a)(2)(A)(i). Pub. L. 106–554, § 1(a)(9) [title II, § 202(1)], substituted “$150,000” for “$100,000”.
Subsec. (a)(2)(A)(ii). Pub. L. 106–554, § 1(a)(9) [title II, § 202(2)], substituted “85 percent” for “80 percent” and “$150,000” for “$100,000”.
Subsec. (a)(3)(A). Pub. L. 106–554, § 1(a)(9) [title II, § 203], substituted “$1,000,000 (or if the gross loan amount would exceed $2,000,000),” for “$750,000,”.
Subsec. (a)(4). Pub. L. 106–554, § 1(a)(9) [title II, § 205(1)], inserted heading and struck out former heading “Interest rates and fees.—”.
Subsec. (a)(4)(B)(iii). Pub. L. 106–554, § 1(a)(9) [title II, § 204], added cl. (iii).
Subsec. (a)(4)(C). Pub. L. 106–554, § 1(a)(9) [title II, § 205(2)], added subpar. (C).
Subsec. (a)(18). Pub. L. 106–554, § 1(a)(9) [title II, § 206], amended heading and text of par. (18) generally, substituting present provisions for provisions which had authorized guarantee fee in an amount equal to sum of 3 percent of amount of deferred participation share of loan that was less than or equal to $250,000, if deferred participation share of loan exceeded $250,000, plus 3.5 percent of difference between $500,000 or total deferred participation share of loan, whichever was less, and $250,000, plus, if deferred participation share of loan exceeded $500,000, 3.875 percent of difference between total deferred participation share of loan and $500,000, and set forth provisions relating to exception for certain loans.
Subsec. (a)(28). Pub. L. 106–554, § 1(a)(9) [title II, § 207], added par. (28).
Subsec. (a)(29). Pub. L. 106–554, § 1(a)(9) [title II, § 208(a)], added par. (29).
Subsec. (a)(30). Pub. L. 106–554, § 1(a)(9) [title VIII, § 802(a)], added par. (30).
Subsec. (m)(1)(A)(iii)(I). Pub. L. 106–554, § 1(a)(9) [title II, § 210(a)(2)], substituted “$10,000” for “$7,500”.
Subsec. (m)(1)(B)(iii). Pub. L. 106–554, § 1(a)(9) [title II, § 210(a)(1)], substituted “$35,000” for “$25,000”.
Subsec. (m)(3)(A)(ii). Pub. L. 106–554, § 1(a)(9) [title II, § 210(a)(2)], substituted “$10,000” for “$7,500”.
Subsec. (m)(3)(E). Pub. L. 106–554, § 1(a)(9) [title II, § 210(a)(1), (3)], substituted “$20,000” for “$15,000” and “$35,000” for “$25,000” in two places.
Subsec. (m)(4)(C)(i). Pub. L. 106–554, § 1(a)(9) [title II, § 210(a)(2)], which directed the amendment of subsec. (m)(4)(C)(i)(II) by substituting “$10,000” for “$7,500”, was executed by making the substitution in subsec. (m)(4)(C)(i) to reflect the probable intent of Congress and the termination of the temporary amendment by Pub. L. 103–403, § 208(a)(2), (c). See 1994 Amendment note and Effective and Termination Dates of 1994 Amendment note below.
Subsec. (m)(5)(A). Pub. L. 106–554, § 1(a)(9) [title II, § 210(a)(4)], substituted “55 grants” for “25 grants” and “$200,000” for “$125,000”.
Subsec. (m)(6)(B). Pub. L. 106–554, § 1(a)(9) [title II, § 210(a)(5)], substituted “$15,000” for “$10,000”.
Subsec. (m)(7)(A). Pub. L. 106–554, § 1(a)(9) [title II, § 210(a)(6)], added subpar. (A) and struck out heading and text of former subpar. (A). Text read as follows: “During the program authorized by this subsection, the Administration may fund, on a competitive basis, not more than 200 microloan programs.”
Subsec. (m)(11)(B). Pub. L. 106–554, § 1(a)(9) [title II, § 210(b)], substituted “$35,000” for “$25,000”.
1999—Subsec. (a)(10). Pub. L. 106–50, § 401(b), inserted “guaranteed” after “provide” and “, including service-disabled veterans,” after “handicapped individual”.
Subsec. (a)(21)(A)(ii). Pub. L. 106–50, § 404, inserted “or a veteran” after “qualified individual”.
Subsec. (a)(27). Pub. L. 106–8, § 3(a), (c), temporarily added par. (27) relating to Year 2000 computer problem program. See Effective and Termination Dates of 1999 Amendments note below.
Subsec. (b)(1)(C). Pub. L. 106–24, § 1(a), added subpar. (C).
Subsec. (b)(3). Pub. L. 106–50, § 402(b), added par. (3).
Subsec. (m)(1)(A)(i). Pub. L. 106–50, § 403, inserted “veteran (within the meaning of such term under section 632(q) of this title),” after “low-income,”.
Subsec. (m)(3)(D). Pub. L. 106–22, § 3, struck out subpar. (D) heading and amended text generally. Prior to amendment, text read as follows: “The Administration shall, by regulation, require each intermediary to establish a loan loss reserve fund, and to maintain such reserve fund until all obligations owed to the Administration under this subsection are repaid. The Administration shall require the loan loss reserve fund to be maintained—
“(i) during the initial 5 years of the intermediary’s participation in the program under this subsection, at a level equal to not more than 15 percent of the outstanding balance of the notes receivable owed to the intermediary; and
“(ii) in each year of participation thereafter, at a level equal to not more than the greater of—
“(I) 2 times an amount reflecting the total losses of the intermediary as a result of participation in the program under this subsection, as determined by the Administrator on a case-by-case basis; or
“(II) 10 percent of the outstanding balance of the notes receivable owed to the intermediary.”
Subsec. (m)(7)(B). Pub. L. 106–22, § 2(1), added subpar. (B) and struck out heading and text of former subpar. (B). Text read as follows: “During any fiscal year, a State shall not receive new loan funds from the Administration that exceed 125 percent of the State’s pro rata share of the microloan program authorization during such fiscal year, such share to be based on the population of the State, as compared to the total population of the United States. If, however, at the beginning of the fourth quarter of a fiscal year the Administration determines that a portion of appropriated microloan funds are unlikely to be awarded during that year, the Administration may make additional funds available to a State in excess of 125 percent of the pro rata share of that State.”
Subsec. (m)(8). Pub. L. 106–22, § 2(2), inserted “and providing funding to intermediaries” after “program applicants” and “and provide funding to” after “shall select”.
Subsec. (n). Pub. L. 106–50, § 402(a), added subsec. (n).
1998—Subsec. (j)(13)(E). Pub. L. 105–277, § 101(f) [title VIII, § 405(f)(9)], struck out “the Job Training Partnership Act or” before “title I of the Workforce” in introductory provisions.
Pub. L. 105–277, § 101(f) [title VIII, § 405(d)(10)], substituted “the Job Training Partnership Act or title I of the Workforce Investment Act of 1998” for “the Job Training Partnership Act (29 U.S.C. 1501 et seq.)”.
1997—Subsec. (a). Pub. L. 105–135, § 231(1), inserted heading.
Subsec. (a)(1). Pub. L. 105–135, § 231(2), inserted heading, designated existing provisions as subpar. (A) and inserted heading, and added subpar. (B).
Subsec. (a)(8). Pub. L. 105–135, § 706, added par. (8).
Subsec. (m). Pub. L. 105–135, § 201(c), struck out “Demonstration” and “demonstration” wherever appearing in heading and text.
Subsec. (m)(1)(A)(iv). Pub. L. 105–135, § 202(a)(1), added cl. (iv).
Subsec. (m)(3)(C). Pub. L. 105–135, § 201(a), substituted “$3,500,000” for “$2,500,000”.
Subsec. (m)(3)(D)(i), (ii). Pub. L. 105–135, § 201(b), added cls. (i) and (ii) and struck out former cls. (i) and (ii) which read as follows:
“(i) in the first year of the intermediary’s participation in the demonstration program, at a level equal to not more than 15 percent of the outstanding balance of the notes receivable owed to the intermediary; and
“(ii) in each year of participation thereafter, at a level reflecting the intermediary’s total losses as a result of participation in the demonstration program, as determined by the Administration on a case-by-case basis, but in no case shall the required level exceed 15 percent of the outstanding balance of the notes receivable owed to the intermediary under the program.”
Subsec. (m)(4)(E). Pub. L. 105–135, § 201(d)(1), designated existing provisions as cl. (i), inserted heading, substituted “25 percent” for “15 percent”, and added cl. (ii).
Subsec. (m)(4)(F). Pub. L. 105–135, § 202(a)(2), added subpar. (F).
Subsec. (m)(5)(A). Pub. L. 105–135, § 201(d)(2), struck out “in each of the 5 years of the demonstration program established under this subsection,” after “requirements of subparagraph (B),” and substituted “annually” for “for terms of up to 5 years”.
Subsec. (m)(6)(E). Pub. L. 105–135, § 202(a)(3), added subpar. (E).
Subsec. (m)(9). Pub. L. 105–135, § 202(a)(4)(A), substituted “Grants for management, marketing, technical assistance, and related services” for “Technical assistance for intermediaries” in heading.
Subsec. (m)(9)(C). Pub. L. 105–135, § 202(a)(4)(B), added subpar. (C).
Subsec. (m)(12). Pub. L. 105–135, § 201(c)(4), substituted “1998 through 2000” for “1995 through 1997”.
Subsec. (m)(13). Pub. L. 105–135, § 202(a)(5), added par. (13).
1996—Subsec. (a)(2)(C)(ii)(II). Pub. L. 104–208, § 103(a), amended subcl. (II) generally. Prior to amendment, subcl. (II) read as follows: “authority to service and liquidate such loans.”
Subsec. (a)(2)(D). Pub. L. 104–208, § 111, added subpar. (D).
Subsec. (a)(4). Pub. L. 104–208, § 103(f), inserted par. (4) heading, designated existing text as subpar. (A) and inserted heading, and added subpar. (B).
Subsec. (a)(19)(C). Pub. L. 104–208, § 103(b), added subpar. (C).
Subsec. (a)(25). Pub. L. 104–208, § 103(c), added par. (25).
Subsec. (a)(26). Pub. L. 104–208, § 103(d), added par. (26).
Subsec. (d). Pub. L. 104–208, § 107(a), struck out “(1)” before “The Administration” and struck out par. (2) which read as follows: “The Administration is authorized to hold seminars throughout the Nation to make potential applicants aware of the opportunities available under this subsection and related government energy programs, and to make grants to qualified organizations to provide training seminars for small business concerns regarding practical and easily implemented methods for design, manufacture, installation, and servicing of equipment and for providing services listed in paragraph (1) of this subsection, except that recipients of loans made pursuant to this subsection shall not subsequently be eligible for such grants.”
Subsec. (e). Pub. L. 104–208, § 107(b), amended subsec. (e) generally, substituting “(e) [RESERVED]” for prior provisions of subsec. (e) which read as follows: “The Administration also is empowered to make loans (either directly or in cooperation with banks or other lenders through agreements to participate on an immediate or deferred basis) to assist any firm to adjust to changed economic conditions resulting from increased competition from imported articles, but only if (1) an adjustment proposal of such firm has been certified by the Secretary of Commerce pursuant to the Trade Expansion Act of 1962, (2) the Secretary has referred such proposal to the Administration under that Act and the loan would provide part or all of the financial assistance necessary to carry out such proposal, and (3) the Secretary’s certification is in force at the time the Administration makes the loan. With respect to loans made under this subsection the Administration shall apply the provisions of sections 314, 315, 316, 318, 319, and 320 of the Trade Expansion Act of 1962 as though such loans had been made under section 314 of that Act.”
Subsec. (f). Pub. L. 104–208, § 107(c), amended subsec. (f) generally, substituting “(f) [RESERVED]” for prior provisions of subsec. (f) which read as follows: “In the administration of the disaster loan program under subsection (b)(1) of this section, in the case of property loss or damage as a result of a disaster which is a ‘major disaster’ as defined in section 102(2) of the Disaster Relief and Emergency Assistance Act, the Small Business Administration, to the extent such loss or damage is not compensated for by insurance or otherwise, may lend to a privately owned college or university without regard to whether the required financial assistance is otherwise available from private sources, and may waive interest payments and defer principal payments on such a loan for the first three years of the term of the loan.”
Subsec. (l). Pub. L. 104–208, § 107(c), amended subsec. (l) generally, substituting “(l) [RESERVED]” for prior provisions of subsec. (l) which consisted of 9 pars. authorizing loans to small business concerns for solar energy and energy conservation measures.
Subsec. (m)(7)(B). Pub. L. 104–208, § 105, inserted at end “If, however, at the beginning of the fourth quarter of a fiscal year the Administration determines that a portion of appropriated microloan funds are unlikely to be awarded during that year, the Administration may make additional funds available to a State in excess of 125 percent of the pro rata share of that State.”
1995—Subsec. (a)(2). Pub. L. 104–36, § 2, amended par. (2) generally. Prior to amendment, par. (2) related to percentage levels in loan participation agreements.
Subsec. (a)(18). Pub. L. 104–36, § 3(a), amended par. (18) generally. Prior to amendment, par. (18) read as follows: “The Administration shall collect a guarantee fee equal to two percent of the amount of the deferred participation share of any loan under this subsection other than a loan repayable in one year or less. The fee shall be payable by the participating lending institution and may be charged to the borrower.”
Subsec. (a)(19)(B). Pub. L. 104–36, § 3(b)(1), substituted “shall develop” for “shall (i) develop” and struck out at end “, and (ii) allow such lenders to retain one-half of the fee collected pursuant to subsection (a)(18) of this section on such loans. A participating lender may not retain any fee pursuant to this paragraph if the amount committed and outstanding to the applicant would exceed $50,000 unless the amount in excess of $50,000 is an amount not approved under the provisions of this paragraph”.
Subsec. (a)(19)(C). Pub. L. 104–36, § 3(b)(2), struck out subpar. (C) which read as follows: “In order to encourage lending institutions and other entities making loans authorized under this subsection to provide loans to small business loan applicants located in rural areas, such lenders shall be permitted to retain one-half of the fee collected pursuant to paragraph (18) on loans of less than $75,000. A participating lender may not retain any fee pursuant to this subparagraph if the amount committed and outstanding to the applicant would exceed $75,000 unless the amount in excess of $75,000 is an amount not approved under the provisions of this subparagraph. This subparagraph shall cease to be effective on
Subsec. (a)(23). Pub. L. 104–36, § 4(a), added par. (23).
Subsec. (a)(24). Pub. L. 104–36, § 5, added par. (24).
1994—Subsec. (a)(2)(B)(iv). Pub. L. 103–403, § 211, amended cl. (iv) generally. Prior to amendment, cl. (iv) read as follows: “not less than 85 percent of the financing outstanding at the time of disbursement if such financing is a loan under paragraph (16).”
Subsec. (a)(3)(B). Pub. L. 103–403, § 210, amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “if the total amount outstanding and committed (on a deferred basis) solely for the purposes provided in paragraph (16) to the borrower from the business loan and investment fund established by this chapter would exceed $1,000,000, such amount to be in addition to any financing solely for working capital, supplies, or revolving lines of credit for export purposes up to a maximum of $250,000; and”.
Subsec. (a)(14)(A). Pub. L. 103–403, § 209, amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “The Administration under this subsection may provide extensions and revolving lines of credit for export purposes and financing to enable small business concerns, including small business export trading companies and small business export management companies, to develop foreign markets. No such extension or revolving line of credit may be made for a period or periods exceeding 3 years. A bank or participating lending institution may establish the rate of interest on extensions and revolving lines of credit as may be legal and reasonable.”
Subsec. (a)(21)(A). Pub. L. 103–403, § 605(a), inserted “on a guaranteed basis” before “under the authority”.
Subsec. (a)(21)(E). Pub. L. 103–403, § 603, added subpar. (E).
Subsec. (m)(3)(C). Pub. L. 103–403, § 206, substituted “$2,500,000” for “$1,250,000”.
Subsec. (m)(4)(B). Pub. L. 103–403, § 208(a)(1), (c), temporarily inserted “except for a grant made to an intermediary that provides not less than 50 percent of its loans to small business concerns located in or owned by one or more residents of an economically distressed area,” after “under subparagraph (A),”. See Effective and Termination Dates of 1994 Amendment note below.
Subsec. (m)(4)(C)(i). Pub. L. 103–403, § 208(a)(2), (c), temporarily added cl. (i) which read as follows: “In addition to grants made under subparagraph (A), each intermediary shall be eligible to receive a grant equal to 5 percent of the total outstanding balance of loans made to the intermediary under this subsection if—
“(I) the intermediary provides not less than 25 percent of its loans to small business concerns located in or owned by one or more residents of an economically distressed area; or
“(II) the intermediary has a portfolio of loans made under this subsection that averages not more than $7,500 during the period of the intermediary’s participation in the program.”
See Effective and Termination Dates of 1994 Amendment note below.
Subsec. (m)(4)(E). Pub. L. 103–403, § 207, added subpar. (E).
Subsec. (m)(7). Pub. L. 103–403, § 204, amended par. (7) generally, substituting present provisions for former provisions relating to program funding, which provided for: in subpar. (A), first year programs; in subpar. (B), expanded programs; and in subpar. (C), State limitations.
Subsec. (m)(8). Pub. L. 103–403, § 205, amended heading and text of par. (8) generally. Prior to amendment, text read as follows: “In funding microloan programs, the Administration shall ensure that at least one-half of the programs funded under this subsection will provide microloans to small business concerns located in rural areas.”
Subsec. (m)(9)(B). Pub. L. 103–403, § 604, inserted “and loan guarantees” after “for loans” and “and national and regional nonprofit organizations that have demonstrated experience in providing training support for microenterprise development and financing.” after “experienced microlending organizations”.
Subsec. (m)(11)(A)(v). Pub. L. 103–403, § 202, added cl. (v).
Subsec. (m)(11)(D). Pub. L. 103–403, § 208(b), (c), temporarily added subpar. (D) which read as follows: “the term ‘economically distressed area’, as used in paragraph (4), means a county or equivalent division of local government of a State in which the small business concern is located, in which, according to the most recent data available from the Bureau of the Census, Department of Commerce, not less than 40 percent of residents have an annual income that is at or below the poverty level.”. See Effective and Termination Dates of 1994 Amendment note below.
Subsec. (m)(12). Pub. L. 103–403, § 201, added par. (12).
1993—Subsec. (a)(2). Pub. L. 103–81, § 5(a)(2)–(4), in concluding provisions, substituted “less than the above specified percentums” for “less than 85 percent under subparagraph (B)” and “not less than 70 percent, unless a lesser percent is required by clause (B)(ii) or upon the” for “not less than 80 percent, except upon” and inserted after third sentence “The maximum interest rate for a loan guaranteed under the Preferred Lenders Program shall not exceed the maximum interest rate, as determined by the Administration, which is made applicable to other loan guarantees under subsection (a) of this section.”
Subsec. (a)(2)(B). Pub. L. 103–81, § 5(a)(1), struck out “and” at end of cl. (i), added cls. (ii) and (iii), and redesignated former cl. (ii) as (iv).
Subsec. (a)(22). Pub. L. 103–81, § 4, added par. (22).
Subsec. (m)(1)(B)(iii). Pub. L. 103–81, § 8(1), substituted “$25,000” for “$15,000”.
Subsec. (m)(5)(A). Pub. L. 103–81, § 8(2), substituted “25 grants for terms of up to 5 years” for “6 grants”.
Subsec. (m)(9)(B). Pub. L. 103–81, § 8(3), substituted “7 percent” for “3 percent”.
1992—Subsec. (a)(4). Pub. L. 102–366, § 104, substituted “Notwithstanding the provisions of the constitution of any State or the laws of any State limiting the rate or amount of interest which may be charged, taken, received, or reserved, the maximum legal rate of interest on any financing made on a deferred basis pursuant to this subsection” for “The rate of interest on financings made on a deferred basis shall be legal and reasonable but”.
Subsec. (a)(21). Pub. L. 102–366, § 211, added par. (21).
Subsec. (m)(1)(A)(i). Pub. L. 102–366, § 113(a)(1)(A), amended cl. (i) generally, substituting “and business owners and other such individuals” for “, business owners, and other individuals”.
Subsec. (m)(1)(A)(iii)(I). Pub. L. 102–366, § 113(a)(1)(B), inserted “, particularly loans in amounts averaging not more than $7,500,” after “small-scale loans”.
Subsec. (m)(3)(A). Pub. L. 102–366, § 113(a)(2), designated existing provisions as cl. (i) and inserted heading, redesignated cls. (i) to (viii) as subcls. (I) to (VIII), respectively, substituted “economic, poverty, and unemployment” for “economic and unemployment” in subcl. (III), amended subcl. (VIII) generally, and added cl. (ii). Prior to amendment, subcl. (VIII) read as follows: “any plan to involve private sector lenders in assisting selected small business concerns.”
Subsec. (m)(3)(F). Pub. L. 102–366, § 113(a)(3), amended subpar. (F) generally. Prior to amendment, subpar. (F) read as follows: “Loans made by the Administration under this subsection shall be for a term of 10 years and at an interest rate equal to the rate determined by the Secretary of the Treasury for obligations of the United States with a period of maturity of 5 years, adjusted to the nearest one-eighth of 1 percent.”
Subsec. (m)(4)(A). Pub. L. 102–366, § 113(a)(4)(B), added subpar. (A) and struck out former subpar. (A) which read as follows: “Except as otherwise provided in subparagraph (C) and subject to the requirements of subparagraph (B), each intermediary that receives a loan under subparagraph (B)(i) of paragraph (1) shall be eligible to receive a grant to provide marketing, management, and technical assistance to small business concerns that are borrowers under this subsection. In the first and second years of an intermediary’s program participation, each intermediary meeting the requirement of subparagraph (B) may receive a grant of not more than 20 percent of the total outstanding balance of loans made to it under this subsection. In the third and subsequent years of an intermediary’s program participation, each intermediary meeting the requirements of subparagraph (B) may receive a grant of not more than 10 percent of the total outstanding balance of loans made to it under this subsection.”
Pub. L. 102–366, § 113(a)(4)(A), substituted “Except as otherwise provided in subparagraph (C) and subject to” for “Subject to”.
Subsec. (m)(4)(B). Pub. L. 102–366, § 113(a)(4)(C), substituted “25 percent” for “one-half”.
Subsec. (m)(4)(C), (D). Pub. L. 102–366, § 113(a)(4)(D), added subpars. (C) and (D).
Subsec. (m)(5)(A). Pub. L. 102–366, § 113(a)(5), substituted “6 grants” for “2 grants”.
Subsec. (m)(6)(C). Pub. L. 102–366, § 113(a)(6), amended subpar. (C) generally. Prior to amendment, subpar. (C) read as follows: “Notwithstanding any provision of the laws of any State or the constitution of any State pertaining to the rate or amount of interest that may be charged, taken, received or reserved on a loan, the maximum rate of interest to be charged on a microloan funded under this subsection shall be not more than 4 percentage points above the prime lending rate, as identified by the Administration and published in the Federal Register on a quarterly basis.”
Subsec. (m)(7)(A). Pub. L. 102–564, § 307(b)(1), inserted at end: “If, at the end of fiscal year 1992, the Administration has funded less than 50 microloan programs under this subparagraph, the Administration may, in fiscal year 1993, fund a number of additional microloan programs equal to the difference between 50 and the number of microloan programs actually funded in fiscal year 1992.”
Pub. L. 102–366, § 113(a)(7)(A), substituted “60 microloan programs” for “35 microloan programs”.
Subsec. (m)(7)(B). Pub. L. 102–564, § 307(b)(2), substituted “In addition to any microloan programs authorized to be funded in fiscal year 1993 in accordance with subparagraph (A), in the second” for “In the second”.
Pub. L. 102–366, § 113(a)(7)(B), substituted “50 additional” for “25 additional”.
Subsec. (m)(7)(C)(i). Pub. L. 102–366, § 113(a)(7)(C), amended cl. (i) generally. Prior to amendment, cl. (i) read as follows: “be awarded more than 2 microloan programs in any year of the demonstration program;”.
Subsec. (m)(7)(C)(ii), (iii). Pub. L. 102–366, § 113(a)(7)(D), (E), substituted “$1,500,000” for “$1,000,000” in cl. (ii) and “$2,500,000” for “$1,500,000” in cl. (iii).
Subsec. (m)(9), (10). Pub. L. 102–366, § 113(a)(8), (9), added par. (9) and redesignated former par. (9) as (10). Former par. (10) redesignated (11).
Subsec. (m)(11). Pub. L. 102–564, § 307(c), inserted “private,” before “nonprofit” in subpar. (A)(ii).
Pub. L. 102–366, § 113(a)(8), (10), redesignated par. (10) as (11) and amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “the term ‘intermediary’ means a private, nonprofit entity or a nonprofit community development corporation that seeks to borrow or has borrowed funds from the Small Business Administration to make microloans to small business concerns under this subsection;”.
1991—Subsec. (a)(18). Pub. L. 102–140, § 609(b), struck out “or a loan under paragraph (13)” after “one year or less”.
Subsec. (a)(19)(B). Pub. L. 102–191 struck out “during fiscal years 1989, 1990, and 1991,” after “small business loan applicants,”.
Subsec. (m). Pub. L. 102–140, § 609(h), added subsec. (m).
1990—Subsec. (a)(14)(A). Pub. L. 101–574, § 202, struck out “pre-export” before “financing” and substituted “3 years” for “18 months”.
Subsec. (a)(16)(A). Pub. L. 101–574, § 245, struck out at end “The lender shall agree to sell the loan in the secondary market as authorized in sections 634(f) and 634(g) of this title within 180 days of the date of disbursement.”
Subsec. (a)(19)(C). Pub. L. 101–574, § 307, added subpar. (C).
Subsec. (j)(3)(A). Pub. L. 101–574, § 242(1), struck out subpar. (A), which was previously struck out by Pub. L. 100–656, § 505(h). See 1988 Amendment note below.
Subsec. (j)(3)(B). Pub. L. 101–574, § 242(1), struck out subpar. (B) which read as follows: “The General Accounting Office shall evaluate the activities taken by the Administration to achieve the purpose of this paragraph and evaluate the success of these activities in achieving the purposes of this paragraph. The General Accounting Office shall report to the Congress by
Subsec. (j)(8). Pub. L. 101–574, § 242(2), struck out par. (8) which read as follows: “The General Accounting Office shall provide for an independent and continuing evaluation of programs under subsections (i) and (j) of this section and section 637(a) of this title, including full information on, and analysis of, the character and impact of managerial assistance provided, the location, income characteristics, and extent to which private resources and skills have been involved in these programs. Such evaluation together with any recommendations deemed advisable by the Comptroller General shall be reported to the Congress by
Subsec. (j)(10)(J)(ii). Pub. L. 101–574, § 204(a), amended cl. (ii) generally. Prior to amendment, cl. (ii) read as follows: “Except as provided under section 602 of the Business Opportunity Development Reform Act of 1988, no award shall be made pursuant to section 637(a) of this title to other than a small business concern.”
Subsec. (j)(13)(D)(iii). Pub. L. 101–574, § 206, substituted “
1989—Subsec. (a)(2). Pub. L. 101–162, title V, (1), amended par. (2) generally. Prior to amendment, par. (2) read as follows: “In agreements to participate in loans on a deferred basis under this subsection, such participation by the Administration, except as provided in paragraph (6), shall be:
“(A) not less than 90 per centum of the balance of the financing outstanding at the time of disbursement if such financing does not exceed $155,000; and
“(B) subject to the limitation in paragraph (3)—
“(i) not less than 70 per centum nor more than 85 per centum of the financing outstanding at the time of disbursement if such financing exceeds $155,000 but is less than $714,285,
“(ii) less than 70 per centum of the financing outstanding at the time of disbursement if such financing exceeds $714,285;
“(iii) not less than 85 per centum of the financing outstanding at the time of disbursement if such financing is a loan under paragraph (16) and is less than $1,176,470; and
“(iv) less than 85 per centum of the financing outstanding at the time of disbursement if such financing is a loan under paragraph (16) and exceeds $1,176,470;
Subsec. (a)(19). Pub. L. 101–162, title V, (2), amended par. (19) generally. Prior to amendment, par. (19) read as follows: “During fiscal years 1989, 1990, and 1991, in addition to the preferred lenders program authorized by the proviso in section 634(b)(7) of this title, the Administration is authorized to establish a certified loan program for lenders who establish their knowledge of Administration laws and regulations concerning the loan guarantees program and their proficiency in program requirements. In order to encourage certified lenders and preferred lenders to provide loans of $50,000 or less in guarantees to eligible small business loan applicants, the Administration (A) shall develop and shall allow participating lenders in the certified loan program and in the preferred loan program to solely utilize a uniform and simplified loan form for such loans and (B) shall allow such lenders to retain one-half of the fee collected pursuant to subsection (a)(16) of this section on such loans: Provided, That a participating lender may not retain any fee pursuant to this paragraph if the amount committed and outstanding to the applicant would exceed $50,000 unless such excess amount was not approved under the provisions of this paragraph. The designation of a lender as a certified lender shall be suspended or revoked at any time that the Administration determines that the lender is not adhering to its rules and regulations or if the Administration determines that the loss experience of the lender is excessive as compared to other lenders: Provided further, That any suspension or revocation of the designation shall not affect any outstanding guarantee: And, provided further, That the Administration may not reduce the per centum of guarantee as a criterion of eligibility for participation in this program, except as otherwise provided by law.”
Subsec. (a)(20)(C)(iv). Pub. L. 101–37, § 9, inserted “is” before “amortized”.
Subsec. (j)(10)(A)(i). Pub. L. 101–37, § 5(a), substituted “which set forth” for “which sets forth”.
Subsec. (j)(10)(D)(i). Pub. L. 101–37, § 5(b)(1), substituted “Business Opportunity Specialist” for “business opportunity specialist”.
Subsec. (j)(10)(D)(ii)(II). Pub. L. 101–37, § 5(b)(2), substituted “the small business concern” for “small business concerns”.
Subsec. (j)(10)(D)(iii). Pub. L. 101–37, § 5(b)(3), inserted “relating to attaining business activity from sources other than contracts awarded pursuant to section 637(a) of this title” after “subparagraph (I)”.
Subsec. (j)(10)(D)(iv). Pub. L. 101–37, § 5(b)(4), substituted “contract awards” for “contact awards”.
Subsec. (j)(10)(D)(iv)(I). Pub. L. 101–37, § 5(b)(5), inserted “relating to attaining business activity from sources other than contracts awarded pursuant to section 637(a) of this title” after “subparagraph (I)”.
Subsec. (j)(10)(E)(ii). Pub. L. 101–37, § 7(a)(1), substituted “completes the period of Program participation as prescribed by paragraph (15)” for “participates in the Program for a period in excess of the time limits prescribed by paragraph (15)”.
Subsec. (j)(10)(F). Pub. L. 101–37, § 7(a)(2), struck out subpar. (F) appearing first, which read as follows: “For the purposes of this subsection and section 637(a) of this title, the terms ‘terminated’ or ‘termination’ shall mean the total denial”.
Pub. L. 101–37, § 7(a)(3), in subpar. (F) appearing second, inserted first sentence and struck out former first sentence which read as follows: “For the purposes of this chapter, this subsection and section 637(a) of this title, the terms ‘terminated’ or ‘termination’ shall mean the total denial or suspension of assistance provided pursuant to this paragraph or section 637(a) of this title prior to the graduation of the participating small business concern pursuant to subparagraph (H) or the expiration of the maximum program participation in terms prescribed by paragraph (15).”
Subsec. (j)(10)(I). Pub. L. 101–37, § 10(b), designated as subpar. (I) the undesignated subpar. which followed subpar. (H).
Pub. L. 101–37, § 10(a), made technical correction to directory language of Pub. L. 100–656, § 303(a), see 1988 Amendment note below.
Subsec. (j)(10)(J)(i). Pub. L. 101–37, § 6(a), substituted “suspended” for “suspended or terminated”.
Subsec. (j)(11)(B). Pub. L. 101–37, § 4(1), added subpar. (B) and struck out former subpar. (B) which read as follows: “Except as provided in section 602(d) of the Business Opportunity Development Reform Act of 1988, any individual upon whom eligibility is based pursuant to section 637(a)(4) of this title, shall be permitted to assert such eligibility for only one small business concern. Notwithstanding the provisions of the preceding sentence, no individual who was determined pursuant to section 637(a) of this title to be socially and economically disadvantaged before
Subsec. (j)(11)(E). Pub. L. 101–37, § 4(2), (3), substituted “Office of Minority Small Business” for “Office of the Associate Administrator for Minority Small Business” and “the Associate Administrator for Minority Small Business and Capital Ownership Development” for “such Associate Administrator”.
Subsec. (j)(11)(F)(v). Pub. L. 101–37, § 4(4), substituted “to the Associate Administrator” for “with the Associate Administrator”.
Subsec. (j)(11)(F)(vi). Pub. L. 101–37, § 4(5), added cl. (vi) and struck out former cl. (vi) which read as follows: “decide protests from applicants that have been denied program admission;”.
Subsec. (j)(11)(F)(viii). Pub. L. 101–37, § 4(6), substituted “subparagraph (I)” for “subparagraph (H)”.
Subsec. (j)(11)(G)(ii). Pub. L. 101–37, § 4(7), substituted “Participants” for “participants”.
Subsec. (j)(11)(H), (I). Pub. L. 101–37, § 4(9), added subpar. (H) and redesignated former subpar. (H) as (I).
Subsec. (j)(12)(A). Pub. L. 101–37, § 8(a)(1), substituted “developmental” for “development”.
Subsec. (j)(12)(B). Pub. L. 101–37, § 8(a)(2), inserted “in its effort” after “to assist the concern”.
Subsec. (j)(13)(E). Pub. L. 101–37, § 8(b), inserted second sentence and struck out former second sentence which read as follows: “Such financial assistance may be made without regard to section 647(a) of this title, shall be made by way of reimbursement to the training provider, and shall have such adjustments as may be necessary to provide for overpayments or underpayments.”
1988—Subsec. (a)(2). Pub. L. 100–590, § 103, inserted “, but any such reduction shall not exceed five points” after “any successor thereto” in second proviso.
Subsec. (a)(2)(B)(iii), (iv). Pub. L. 100–418, § 8007(a)(1), added cls. (iii) and (iv).
Subsec. (a)(3). Pub. L. 100–418, § 8007(a)(2), amended par. (3) generally. Prior to amendment, par. (3) read as follows: “No loan under this subsection shall be made if the total amount outstanding and committed (by participation or otherwise) to the borrower from the business loan and investment fund established by this chapter would exceed $500,000: Provided, That no such loan made or effected either directly or in cooperation with banks or other lending institutions through agreements to participate on an immediate basis shall exceed $350,000.”
Subsec. (a)(12). Pub. L. 100–590, § 111(c), designated existing provisions as subpar. (A) and added subpar. (b)[(B)].
Subsec. (a)(14). Pub. L. 100–418, § 8005, amended par. (14) generally. Prior to amendment, par. (14) read as follows: “The Administration under this subsection may provide extensions and revolving lines of credit for export purposes to enable small business concerns to develop foreign markets and for preexport financing: Provided, however, That no such extension or revolving line of credit may be made for a period or periods exceeding eighteen months. A bank or participating lending institution may establish the rate of interest on extensions and revolving lines of credit as may be legal and reasonable.”
Subsec. (a)(16) to (18). Pub. L. 100–418, § 8007(a)(3), (4), added pars. (16) and (17) and redesignated former par. (16) as (18).
Subsec. (a)(19). Pub. L. 100–533 and Pub. L. 100–590, § 102(a), made identical amendments adding par. (19).
Subsec. (a)(20). Pub. L. 100–656, § 302, added par. (20).
Subsec. (b)(1)(A). Pub. L. 100–590, §§ 119(a), 121, substituted “natural or other disasters” for “floods, riots or civil disorders, or other catastrophes” and inserted proviso that Administration may increase loan up to additional 20 per centum to protect damaged or destroyed property from possible future disasters.
Subsec. (b)(2)(A). Pub. L. 100–707, § 109(f)(1), substituted “the Disaster Relief and Emergency Assistance Act” for “the Act entitled ‘An Act to authorize Federal assistance to States and local governments in major disasters, and for other purposes’, approved
Subsec. (b)(E). Pub. L. 100–707, § 109(f)(2), substituted “section 312(a) of the Disaster Relief and Emergency Assistance Act” for “subsection (b) of section 315 of Public Law 93–288 (42 U.S.C. 5155)”.
Subsec. (c)(5)(C). Pub. L. 100–590, § 120(b), substituted “business or other concern, including agricultural cooperatives,” for “business concern”.
Subsec. (c)(6). Pub. L. 100–590, § 122, substituted “refinancing: Provided further, That the Administration shall not require collateral for loans of $10,000 or less which are made under paragraph (1) of subsection (b)”. for “refinancing”.
Subsec. (c)(7). Pub. L. 100–590, § 120(a), added par. (7).
Subsec. (f). Pub. L. 100–707, § 109(f)(3), substituted “section 102(2) of the Disaster Relief and Emergency Assistance Act” for “section 2(a) of the Act of September 30, 1950 (42 U.S.C. 1855a(a))”.
Subsec. (j)(3)(A). Pub. L. 100–656, § 505(h), struck out subpar. (A) which read as follows: “An advisory committee composed of five high-level officers from five United States businesses and five representatives of minority small businesses shall be created to facilitate the achievement of the purposes of this paragraph. The members of the advisory committee shall be appointed by the President. The chairman of the advisory committee, who shall be designated by the President shall report annually to the President and to the Congress on the activities of the advisory committee.”
Subsec. (j)(10)(A)(i). Pub. L. 100–656, § 205(a), amended cl. (i) generally. Prior to amendment, cl. (i) read as follows: “assist small business concerns participating in the Program to develop comprehensive business plans with specific business targets, objectives, and goals for correcting the impairment of such concern’s ability to compete, as determined for such concern pursuant to section 637(a)(6) of this title, within a fixed period of time as mutually agreed upon by the applicant and the Administrator prior to acceptance in such program: Provided, That not less than one year prior to the expiration of such period, and upon the request of such concern, the Administration shall review such period and may extend such period as necessary and appropriate: Provided further, That no determination made under this paragraph shall be considered a denial of total participation for the purposes of section 637(a)(9) of this title;”.
Subsec. (j)(10)(C). Pub. L. 100–656, § 205(b)(1), (2), redesignated subpar. (D) as (C) and struck out former subpar. (C) which read as follows: “No small business concern shall receive a contract pursuant to section 637(a) of this title unless—
“(i) the business plan required pursuant to paragraph (10)(A)(i) is approved by the Administration; and
“(ii) the program is able to provide such concern with, but not limited to, such management, technical and financial services as may be necessary to achieve the targets, objectives, and goals of such business.”
Subsec. (j)(10)(D). Pub. L. 100–656, § 205(b)(2), (3), added subpar. (D). Former subpar. (D) redesignated (C).
Pub. L. 100–656, § 203, added subpar. (D).
Subsec. (j)(10)(E) to (H). Pub. L. 100–656, § 208, added subpars. (E) to (H).
Subsec. (j)(10)[(I)]. Pub. L. 100–656, § 303(a), as amended by Pub. L. 101–37, § 10(a), added new subpar. without subpar. designation, but which probably was intended to be subpar. (I). See 1989 Amendment note above.
Subsec. (j)(10)(J). Pub. L. 100–656, § 206, added subpar. (J).
Subsec. (j)(11). Pub. L. 100–656, § 201(a), designated existing provisions as subpar. (A) and added subpars. (B) to (H).
Subsec. (j)(12). Pub. L. 100–656, § 301(a), added par. (12).
Subsec. (j)(13). Pub. L. 100–656, § 301(b), added par. (13).
Subsec. (j)(14). Pub. L. 100–656, § 301(c), added par. (14).
Subsec. (j)(15). Pub. L. 100–656, § 202, added par. (15).
Subsec. (j)(16). Pub. L. 100–656, § 408, added par. (16).
1986—Subsec. (a)(2). Pub. L. 99–272, § 18013, in subpar. (A) substituted “$155,000” for “$100,000”, in subpar. (B)(i) substituted “$155,000” for “$100,000” and “85” for “90”, in proviso following subpar. (B) substituted “85” for “90”, and inserted a second proviso relating to reduction by the Administration of its participation below the per centum stated in this paragraph and defining “preferred lenders program”.
Subsec. (a)(15)(B)(i). Pub. L. 99–514 substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954”, which for purposes of codification was translated as “title 26” thus requiring no change in text.
Subsec. (a)(16). Pub. L. 99–272, § 18007, added par. (16).
Subsec. (b). Pub. L. 99–272, § 18006(a)(1), in provision preceding par. (1) substituted “Except as to agricultural enterprises as defined in section 647(b)(1) of this title, the,” for “The”, struck out par. (3) which authorized loans, each one not to exceed $500,000, to any small business concern to effect continuation of, additions to, alterations in, or reestablishment in the same or a new location of its plant, facilities, or methods or operation caused by direct action of the Federal Government or as a consequence of Federal Government action provided that the applicant was unable to obtain credit elsewhere, and struck out par. (4) which authorized disaster loans, each one not to exceed $100,000, to any small business concern located in an area of economic dislocation that was the result of the drastic fluctuation in the value of the currency of a country contiguous to the United States and adjustments in the regulation of its monetary system if such concern was unable to obtain credit elsewhere.
Subsec. (c)(4). Pub. L. 99–272, § 18006(a)(2), struck out provision following subpar. (D) which provided that loans, subject to reductions under subpars. (A) and (B) of par. (1), be in amounts equal to 100 percent of loss if the applicant was a homeowner and 85 percent if the applicant was a business or otherwise, the interest rate for loans under pars. (1) and (2) be the rate of interest in effect on the date the disaster commenced, and the Administrator, in his discretion, waive the $500,000 limitation on the total amount outstanding and committed to the borrower under this subsection if the applicant constituted a major source of employment in an area suffering a disaster.
1984—Subsec. (b)(2). Pub. L. 98–270, § 311(1), (3), substituted in provisions preceding subpar. (A) “small business concern or small agricultural cooperative” for “small business concern” and “the concern or the cooperative” for “the concern”.
Subsec. (b)(2)(D). Pub. L. 98–270, § 311(2), substituted “small business concerns or small agricultural cooperatives” for “small business concerns”.
Subsec. (b)(3). Pub. L. 98–270, § 308, inserted “continuation of,” after “in effecting” and inserted provision directing that, for purposes of this paragraph, the impact of the 1983 Payment-in-Kind Land Diversion program, or any successor Payment-in-Kind program with a similar impact on the small business community, be deemed to be a consequence of Federal Government action.
Subsec. (b)(4). Pub. L. 98–270, § 304(2), added par. (4).
Subsec. (c). Pub. L. 98–270, § 301, added undesignated par. following par. (6).
Subsec. (c)(5). Pub. L. 98–270, § 301, added par. (5).
Subsec. (c)(6). Pub. L. 98–270, § 301, added par. (6).
Pub. L. 98–270, § 309, inserted provision directing that employees of concerns sharing common business premises be aggregated in determining “major source of employment” status for nonprofit applicants owning such premises.
Subsec. (d)(1). Pub. L. 98–395 substituted provisions stating that the Administration shall not fund any Small Business Development Center except as authorized for former provisions which prohibited such funding only after
1981—Subsec. (a). Pub. L. 97–35, § 1902, substituted provisions empowering the Administration to the extent and in such amounts as provided in advance in appropriation acts, for plant acquisition, construction, conversion, or expansion, including the acquisition of land, material, supplies, equipment, and working capital, and to make loans to qualified small business concerns including those owned by qualified Indian tribes, for purposes of this chapter, and that financing may be made either directly or in cooperation with banks or other financial institutions through agreements to participate on an immediate or deferred basis for provisions empowering the Administration to make loans to enable small business concerns and such concerns wholly owned by Indian tribes to finance plant construction, conversion, or expansion, including the acquisition of land, or to finance residential or commercial construction or rehabilitation, for sale, with a proviso that such loans shall not be used primarily for the acquisition of land, or to finance the acquisition of equipment, facilities, machinery, supplies, or materials, or to supply such concerns with working capital to be used in the manufacture of articles, equipment, supplies, or materials for war, defense, or civilian production or as may be necessary to insure a well-balanced national economy, and that such loans may be made or effected either directly or in cooperation with banks or other lending institutions through agreements to participate on an immediate or deferred basis.
Subsec. (a)(6)(C). Pub. L. 97–35, § 1910, repealed subpar. (C) which read as follows: “the Administration shall not decline to participate in a loan on a deferred basis under this subsection solely because such loan will be used to refinance all or any part of the existing indebtedness of a small business concern, unless the Administration determines that—
“(i) the holder of such existing indebtedness is in a position likely to sustain a loss if such refinancing is not provided, and
“(ii) if the Administration provides such refinancing through an agreement to participate on a deferred basis, it will be in a position likely to sustain part or all of any loss which would have otherwise been sustained by the holder of the original indebtedness: Provided further, That the Administration may decline to approve such refinancing if it determines that the loan will not benefit the small business concern.”
Subsec. (a)(8). Pub. L. 97–35, § 1910, repealed par. (8) which read as follows: “(8)(A) Any loan made under the authority of this subsection by the Administration in cooperation with a bank or other lending institution through an agreement to participate on a deferred basis, may, upon the concurrence of the Administration, borrower and such bank or institution, have the term of such loan extended or such loan refinanced with an extension of its term: Provided, That the aggregate term of such extended or refinanced loan does not exceed the term permitted pursuant to paragraph (5): And provided further, That such extended loans, or refinancings shall be repaid in equal installments of principal and interest.
“(B) An additional service fee not exceeding 1 per centum of the outstanding amount of the principal may be paid by the borrower to the lender in consideration for such lender extending the term or refinancing of such borrower’s indebtedness if such extension or refinancing results in the term of such indebtedness exceeding ten years.
“(C) The authority provided in this paragraph shall not be construed to otherwise limit the authority of the Administration to set terms and conditions of the loan.”
Subsec. (b)(1). Pub. L. 97–35, § 1911, revised provisions to specifically authorize loans only to repair, rehabilitate, or replace property, real or personal, damaged or destroyed, and is not compensated for by insurance or otherwise, and to refinance any mortgage or other lien against a totally destroyed or substantially damaged home or business concern upon finding that the applicant is not able to obtain credit elsewhere, that such property is to be repaired, rehabilitated, or replaced, that the amount refinanced shall not exceed the loss, and that the amount shall be reduced to the extent such mortgage or lien is satisfied by insurance or otherwise.
Subsec. (b)(2). Pub. L. 97–35, § 1911, revised provisions to continue to authorize loans to business concerns which the Administration determines to have suffered substantial economic injury as a result of a physical disaster as declared under certain pertinent triggering legislation.
Subsec. (b)(3) to (9). Pub. L. 97–35, § 1913(a), designated existing provisions of par. (5) as (3) with minor changes, and struck out pars. (3), (4), and (6) to (9) relating to non-physical disaster loans.
Subsec. (c)(3). Pub. L. 97–35, § 1914, substituted “effective date of this Act” for “to
Subsec. (c)(4). Pub. L. 97–35, § 1912, added par. (4).
Subsec. (g). Pub. L. 97–35, § 1913(c), repealed subsec. (g) which related to loans to small business concerns for water pollution control facilities.
1980—Subsec. (a). Pub. L. 96–481, § 112, inserted provisions preceding par. (1) empowering the Administration to the extent and in such amounts as are provided in appropriation acts to make or effect either directly or in cooperation with banks or other lending institutions through agreements to participate on an immediate or deferred basis extensions and revolving lines of credit for export purposes to enable small business concerns to develop foreign markets and for preexport financing, with proviso limiting the extension of credit or revolving line of credit to a period of eighteen months.
Subsec. (a)(8). Pub. L. 96–302, § 505, added par. (8).
Subsec. (b). Pub. L. 96–302, § 124, which directed that cl. (E), respecting duplication of disaster benefits, be added at end of subsec. (b), was executed by inserting cl. (E) following cl. (D) in next to last par. of subsec. (b) as the probable intent of Congress.
Subsec. (b)(4). Pub. L. 96–302, § 123, substituted “other causes” for “undetermined causes” and made the small business concern ineligible for loan assistance when the concern intentionally adulterates its product in attempting to establish eligibility under the loan assistance program.
Subsec. (b)(8). Pub. L. 96–302, § 122, authorized loans to assist small business concern affected by a shortage of coal or other energy-producing resource caused by a strike, boycott, or embargo, unless the strike, boycott, or embargo is directly against the small business concern.
Subsec. (c)(3). Pub. L. 96–302, § 119(a), (b), added subpar. (C) and extended disaster loans to disasters occurring prior to
Subsec. (d)(1). Pub. L. 96–302, § 203, substituted provisions respecting: funding of small business development centers under section 648 of this title on and after
Subsec. (j)(10). Pub. L. 96–481, § 104, in opening paragraph substituted provision that the program and all other services and activities authorized under this subsection and section 637(a) of this title shall be managed by the Associate Administrator for Minority Small Business and Capital Ownership Development under the Supervision of, and responsible to the Administrator, for provision that the management of the program shall be vested in the Associate Administrator for Minority Small Business and Capital Ownership Development who shall also manage all other services and activities authorized under this subsection and section 637(a) of this title.
Subsec. (j)(10)(A)(i). Pub. L. 96–481, § 106(a), substituted “targets, objectives, and goals for correcting the impairment of such concern’s ability to compete, as determined for such concern pursuant to section 637(a)(6) of this title, within a fixed period of time as mutually agreed upon by the applicant and the Administrator prior to acceptance in such program: Provided, That not less than one year prior to the expiration of such period, and upon the request of such concern, the Administration shall review such period and may extend such period as necessary and appropriate; Provided further, That no determination made under this paragraph shall be considered a denial of participation for the purposes of section 637(a)(9) of this title” for “targets, objectives and goals”.
Subsec. (j)(10)(C). Pub. L. 96–481, § 107, in the conditions required to receive a contract by a small business concern, substituted provisions that the business plan be approved by the Administration and that the program be able to provide the concern with management, technical and financial services necessary to achieve the targets, objectives and goals of such business, for provision that the program be able to provide the concern with management, technical and financial services as may be necessary to promote the competitive viability of the concern within a reasonable period of time.
1979—Subsec. (b) following par. (9). Pub. L. 96–38 inserted “, except as provided in subsection (c) of this section,” after “the interest rate on the Administration’s share of any loan made under this subsection” in first unnumbered paragraph.
Subsec. (c)(3). Pub. L. 96–38 added par. (3).
1978—Subsec. (a). Pub. L. 95–507, § 231, inserted provision including small-business concerns totally owned and controlled by Indian tribes within the scope of this section.
Subsec. (d). Pub. L. 95–315, § 3, designated existing provisions as par. (1) and added par. (2).
Subsec. (j). Pub. L. 95–507, § 204, included individuals and enterprises eligible for assistance under par. (10) of this subsection and section 637(a) of this title among those eligible for assistance under this section, provided for the establishment of the small business and capital ownership development program, and provided for the coordination of certain Federal policies under this section by the Associate Administrator for Minority Small Business and Capital Ownership Development.
Subsec. (k). Pub. L. 95–507, § 205, inserted reference to section 637(a).
Subsec. (k)(4). Pub. L. 95–510 substituted “the daily equivalent of the highest rate payable under section 5332 of title 5” for “$100 per diem”.
Subsec. (l). Pub. L. 95–315, § 2, added subsec. (l).
1977—Subsec. (a). Pub. L. 95–89, § 301, authorized loans to finance residential or commercial construction or rehabilitation for sale, subject to restriction that such loans be not used primarily for the acquisition of land.
Subsec. (a)(8). Pub. L. 95–89, § 101(d), repealed par. (8) which required the Administrator to make direct loans under subsec. (a) in an aggregate amount of not less than $400,000,000 during fiscal year ending
Subsec. (b). Pub. L. 95–89, § 405, inserted following par. (9) provisions respecting interest rate on loans to repair or replace primary residence and/or replace or repair damaged or destroyed personal property, including installation of insulation in connection with any disaster occurring on or after
Subsec. (b)(2)(C) to (E). Pub. L. 95–89, § 403, added subpars. (C) to (E).
Subsec. (b)(3). Pub. L. 95–89, § 402, substituted “program or project constructed by or with funds provided in whole or in part by the Federal Government or by a program or project by a State or local government or public service entity, providing such government or public service entity has the authority to exercise the right of eminent domain on such program or project” for “federally aided urban renewal program or a highway project or any other construction constructed by or with funds provided in whole or in part by the Federal Government”.
Subsec. (b)(5). Pub. L. 95–89, § 302, inserted “heretofore or hereafter enacted” after “any Federal law”.
Subsec. (b)(9). Pub. L. 95–89, § 404, added par. (9).
Subsec. (g)(4). Pub. L. 95–89, § 101(e), repealed par. (4) which authorized appropriation of not to exceed $800,000,000 to the disaster fund solely for purpose of carrying out subsec. (g) loans to small business concerns for water pollution control facilities.
1976—Subsec. (a)(1). Pub. L. 94–305, § 112(c), inserted reference to non-Federal sources.
Subsec. (a)(4)(A). Pub. L. 94–305, § 111, substituted “$500,000: Provided, That no such loan made or effected either directly or in cooperation with banks or other lending institutions through agreements to participate on an immediate basis shall exceed $350,000” for “$350,000”.
Subsec. (a)(4)(C). Pub. L. 94–305, § 108(b), substituted provision relating to a twenty year maturity period for any portion of loan made for the purpose of acquiring real property or constructing facilities for provision relating to a ten year maturity for portion of loan made for purpose of constructing facilities.
Subsec. (b). Pub. L. 94–305, § 114, in provisions following par. (8), substituted provisions requiring interest rate on Administration’s share of any loan made under this subsection not to exceed the average annual interest rate on all interest-bearing obligations of the United States then forming a part of the public debt for provisions requiring interest rate on Administration’s share of any loan made under this subsection not to exceed 3 per centum per annum except for loans made under pars. (3), (5), (6), (7), or (8) in which the interest will not exceed either 2¾ per centum per annum or the average annual interest rate of all interest-bearing obligations of the United States then forming a part of the public debt.
Subsec. (b)(4). Pub. L. 94–305, § 112(d), struck out proviso that loans under subsec. (b)(4) of this section include loans to persons who are engaged in business of raising livestock, and who suffer substantial injury as a result of animal disease.
Subsec. (i)(1), (3). Pub. L. 94–305, § 109, substituted “$100,000” for “$50,000”.
1974—Subsec. (a)(4)(B). Pub. L. 93–386, § 8, substituted provisions for determining the rate of interest for the Administration’s share of any loan for provisions setting forth the rate of interest for the Administration’s share of any loan as not more than 5½ per centum per annum.
Subsec. (a)(5)(B). Pub. L. 93–386, § 8, substituted provisions for determining the rate of interest for the Administration’s share of any loan for provisions setting forth the rate of interest for the Administration’s share of any loan as not less than 3 nor more than 5 per centum per annum.
Subsec. (a)(8). Pub. L. 93–386, § 12, added par. (8).
Subsec. (b)(4). Pub. L. 93–237, § 5, inserted proviso that loans under this paragraph include loans to persons who are engaged in the business of raising livestock and who suffer substantial economic injury as a result of animal disease.
Subsec. (b)(5) to (7). Pub. L. 93–237, §§ 2(a), (b), 6, consolidated into a single par. (5) the authority of the Small Business Administration contained in former par. (5) to make loans to small business concerns to meet the requirements of the Federal Coal Mine Health and Safety Act of 1969, the Egg Products Inspection Act, the Wholesome Poultry Products Act, and the Wholesome Meat Act, and former par. (6) to make loans to small business concerns to meet the requirements of the Occupational Safety and Health Act of 1970, expanded such authority to finance structural, operational, or other changes required in order to meet standards imposed by Federal laws, or by State laws enacted in conformity with Federal laws, redesignated former par. (7) as par. (6), and added par. (7).
Subsec. (b)(8). Pub. L. 93–386, § 9(a), added par. (8).
Subsec. (b). Pub. L. 93–386, § 9(b), substituted “paragraph (3), (5), (6), (7), or (8)” for “paragraph (3), (5), (6), or (7)” in first par. following the numbered pars.
Subsecs. (g), (h). Pub. L. 93–237, § 3(a), redesignated subsec. (g), relating to loans to handicapped persons and organizations for handicapped, as (h).
Subsec. (h)(2). Pub. L. 93–386, § 3(2), inserted “The Administration’s share of” before “any loan”.
Subsecs. (i) to (k). Pub. L. 93–386, § 2(a)(4), added subsecs. (i) to (k).
1972—Subsec. (b). Pub. L. 92–385 added par. (7), and in text following the numbered paragraphs, inserted provisions relating to the administration of the disaster loan program in relation to disasters occurring between
Subsec. (g). Pub. L. 92–595 added subsec. (g) relating to loans to handicapped persons and organizations for handicapped.
Pub. L. 92–500 added subsec. (g) relating to loans to small business concerns for water pollution control facilities.
1970—Subsec. (b). Pub. L. 91–597 added par. (5) relating to loans for additions or alterations required under the Egg Products Inspection Act, etc., and inserted reference to such par. (5).
Pub. L. 91–596 added par. (6) and inserted reference to par. (6) after reference to par. (5).
1969—Subsec. (b). Pub. L. 91–173 added par. (5), and inserted reference to par. (5) after reference to par. (3).
1968—Subsec. (b)(1). Pub. L. 90–448 empowered the Administration to make loans because of riots or civil disorders.
Subsec. (b)(3). Pub. L. 90–495 added continuing in business at its existing location, purchasing a business, and establishing a new business to the list of purposes for which loans may be made, and extended the causes of substantial economic injury of the concern involved to include its location in, adjacent to, or near a federally aided urban renewal program, highway project, or other construction project using federal funds.
1967—Subsec. (a)(4). Pub. L. 90–104, § 103, extended maturity date for construction loans from ten to fifteen years.
Subsec. (f). Pub. L. 90–104, § 104, redesignated subsec. (e), added by Pub. L. 89–769, as (f).
1966—Subsec. (e). Pub. L. 89–409 added subsec. (e).
Pub. L. 89–769 added subsec. (e) which provided for assistance to privately owned higher education in major disaster areas and repayment.
1965—Subsec. (b). Pub. L. 89–59, § 1(a), increased the maturity of disaster loans from twenty to thirty years, and authorized suspension of principal and interest payments and extension of date of maturity for five year period.
Subsec. (c). Pub. L. 89–59, § 1(b), designated existing provisions as par. (1) and added par. (2).
1964—Subsecs. (b)(2), (4). Pub. L. 88–264 extended provisions of par. (2) to any small business affected by disasters other than drought or excessive rainfall and added par. (4) for disaster loans to any such business suffering economic injuries through natural or undetermined causes.
Subsec. (b)(3). Pub. L. 88–560 provided that the purposes of a loan under this paragraph may include the purchase or construction of other premises whether or not the borrower owned the premises from which it was displaced.
1961—Subsec. (b). Pub. L. 87–70 added par. (3), and inserted provisions limiting the interest rate in the case of loans made pursuant to par. (3) to not more than the higher of (A) 2¾ per centum per annum, or (B) the average annual interest rate on all interest-bearing obligations forming a part of the public debt as computed at the end of the fiscal year next preceding the date of the loan and adjusted to the nearest one-eighth of 1 per centum, plus one-quarter of 1 per centum per annum.
Subsec. (d). Pub. L. 87–305 empowered the Administration to make grants to any corporation formed by two or more eligible entities described in the text, authorized it to recommend to grant applicants particular studies or research, eliminated the limitation of one grant to a State, and conditioned grants to the procurement of additional amounts from sources other than the Administration.
1959—Subsec. (d). Pub. L. 86–367 struck out provision for making the grants from the fund established in the Treasury by section 602(b) of the Small Business Investment Act of 1958.
1958—Subsec. (d). Pub. L. 85–699 added subsec. (d).
Committee on Small Business of Senate changed to Committee on Small Business and Entrepreneurship of Senate. See Senate Resolution No. 123, One Hundred Seventh Congress,
Pub. L. 117–2, title V, § 5001(c)(3),
Pub. L. 116–260, div. N, title III, § 304(c), “(1) Except as provided in paragraph (2), the amendments made by subsections (a) and (b) [transferring section 9005 of this title to section 636m of this title and amending this section and sections 636m and 9008 of this title] shall be effective as if included in the CARES Act (Public Law 116–136; 134 Stat. 281) and shall apply to any loan made pursuant to section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) before, on, or after the date of enactment of this Act [“(2) The amendments made by subsections (a) and (b) shall not apply to a loan made pursuant to section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) for which the borrower received forgiveness before the date of enactment of this Act under section 1106 of the CARES Act [15 U.S.C. 9005], as in effect on the day before such date of enactment.”
Pub. L. 116–260, div. N, title III, § 308(b),
Pub. L. 116–260, div. N, title III, § 310(a)(2),
Pub. L. 116–260, div. N, title III, § 313(b), “(1) Except as provided in paragraph (2), the amendments made by subsection (a) [amending this section] shall be effective as if included in the CARES Act (Public Law 116–136; 134 Stat. 281) and shall apply to any loan made pursuant to section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) before, on, or after the date of enactment of this Act [“(2) The amendments made by subsection (a) shall not apply to a loan made pursuant to section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) for which the borrower received forgiveness before the date of enactment of this Act under section 1106 of the CARES Act [15 U.S.C. 9005], as in effect on the day before such date of enactment.”
Pub. L. 116–260, div. N, title III, § 315(c),
Pub. L. 116–260, div. N, title III, § 326(a)(2),
Pub. L. 116–260, div. N, title III, § 326(b)(2)(B),
Pub. L. 116–260, div. N, title III, § 329(a)(2),
Pub. L. 116–260, div. N, title III, § 335(b),
Pub. L. 116–260, div. N, title III, § 336(b), “(1) Except as provided in paragraph (2), the amendment made by subsection (a) [amending this section] shall be effective as if included in the CARES Act (Public Law 116–136; 134 Stat. 281) and shall apply to any loan made pursuant to section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) before, on, or after the date of enactment of this Act [“(2) The amendment made by subsection (a) shall not apply to a loan made pursuant to section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) for which the borrower received forgiveness before the date of enactment of this Act under section 1106 of the CARES Act [15 U.S.C. 9005], as in effect on the day before such date of enactment.”
Pub. L. 116–260, div. N, title III, § 337(b),
Pub. L. 116–260, div. N, title III, § 338(b),
Pub. L. 116–260, div. N, title III, § 339(a), (c), “(a) In this section [amending this section and enacting this note], the terms ‘covered loan’ and ‘eligible recipient’ have the meanings given the terms in section 7(a)(36)(A) of the Small Business Act (15 U.S.C. 636(a)(36)(A)).“(c) The amendment made by subsection (b) [amending this section] may apply with respect to a covered loan made before the date of enactment of this Act [
Pub. L. 116–260, div. N, title III, § 340(b)(2),
Pub. L. 116–260, div. N, title III, § 343(b),
Pub. L. 116–260, div. N, title III, § 348,
Pub. L. 116–142, § 2(b),
Pub. L. 116–142, § 3(d),
Pub. L. 116–136, div. A, title I, § 1102(c)(2),
Pub. L. 116–92, div. A, title VIII, § 877(b),
Pub. L. 114–88, div. B, title I, § 2102(b),
Amendment by Pub. L. 113–128 effective on the first day of the first full program year after
Pub. L. 111–240, title I, § 1111(b),
Pub. L. 111–240, title I, § 1133(b),
Pub. L. 111–240, title I, § 1135(b),
Pub. L. 111–240, title I, § 1206(h),
Pub. L. 111–240, title I, § 1401(c),
Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective
Pub. L. 110–234, title XII, § 12078(b)(2),
[Pub. L. 110–234 and Pub. L. 110–246 enacted identical provisions. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246, set out as a note under section 8701 of Title 7, Agriculture.]
Pub. L. 110–234, title XII, § 12083(b),
[Pub. L. 110–234 and Pub. L. 110–246 enacted identical provisions. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246, set out as a note under section 8701 of Title 7, Agriculture.]
Amendment by Pub. L. 110–140 effective on the date that is 1 day after
Pub. L. 108–447, div. K, title I, § 101(b),
Pub. L. 108–447, div. K, title I, § 103(b),
Pub. L. 108–447, div. K, title I, § 107(c),
Amendment by Pub. L. 107–100 effective
Pub. L. 106–50, title IV, § 402(e), “(1) Except as provided in paragraph (2), the amendments made by this section [amending this section] shall take effect on the date of the enactment of this section [“(2) The amendments made by subsection (b) [amending this section] shall apply to economic injury suffered or likely to be suffered as the result of a period of military conflict occurring or ending on or after
Pub. L. 106–8, § 3(c),
Amendment by section 101(f) [title VIII, § 405(d)(10)] of Pub. L. 105–277 effective
Amendment by Pub. L. 105–135 effective on
Amendment by Pub. L. 104–208 effective
Amendment by Pub. L. 104–36 inapplicable to loans made or guaranteed under Small Business Act or Small Business Investment Act of 1958 before
Pub. L. 103–403, title II, § 208(c),
Pub. L. 103–81, § 5(b),
Pub. L. 102–366, title I, § 113(b),
Amendment by Pub. L. 101–37 applicable as if included in Pub. L. 100–656, see section 32 of Pub. L. 101–37, set out as a note under section 631 of this title.
Amendments by sections 202, 203, 206, 301(a), 408, and 505(h) of Pub. L. 100–656 and subsec. (j)(13)(G) and (I) of this section as added by section 301(b) of Pub. L. 100–656, effective
Amendments by sections 201(a), 205, 208, 301(b), (c), and 303(a) of Pub. L. 100–656 effective
Amendment by section 302 of Pub. L. 100–656 effective
Subsection (j)(13)(E) of this section as added by section 301(b) of Pub. L. 100–656 effective
Amendments by sections 119(a) and 120 to 122 of Pub. L. 100–590 effective for all loan applications resulting from disaster declarations made on or after
Amendment by Pub. L. 98–270 effective
Pub. L. 98–270, title III, § 307,
Amendment by section 311 of Pub. L. 98–270 applicable to loans granted on the basis of any disaster with respect to which a declaration has been issued after
Pub. L. 97–35, title XIX, § 1910,
Amendment by section 1913 of Pub. L. 97–35 effective
Amendment by Pub. L. 96–302 effective
Pub. L. 96–302, title I, § 119(d),
Amendment by Pub. L. 95–510 effective
Amendment by section 101(d), (e) of Pub. L. 95–89 effective
Pub. L. 92–385, § 1(b),
For effective date of amendment by Pub. L. 91–597 see section 29 of Pub. L. 91–597, set out as a note under section 1031 of Title 21, Food and Drugs.
Amendment by Pub. L. 91–596 effective 120 days after
Amendment by Pub. L. 90–495 effective
Pub. L. 89–409, § 3(c),
Pub. L. 117–249, § 2(b),
Pub. L. 116–136, div. A, title I, § 1102(e),
Pub. L. 111–240, title I, § 1131(b),
Pub. L. 106–50, title IV, § 402(d),
Pub. L. 106–8, § 3(b),
Section 114 of Pub. L. 102–366 provided that:
Pub. L. 102–140, title VI, § 609(i),
Pub. L. 100–656, title VIII, § 801, “(1) within 60 days after the date of enactment of this Act [“(2) within one hundred and twenty days after the date of enactment of this Act, publish in the Federal Register proposed rules and regulations implementing this Act; and“(3) within 270 days after the date of enactment of this Act, publish in the Federal Register final rules and regulations implementing this Act.”
For termination, effective
For transfer of all functions, personnel, assets, components, authorities, grant programs, and liabilities of the Federal Emergency Management Agency, including the functions of the Under Secretary for Federal Emergency Management relating thereto, to the Federal Emergency Management Agency, see section 315(a)(1) of Title 6, Domestic Security.
For transfer of functions, personnel, assets, and liabilities of the Federal Emergency Management Agency, including the functions of the Director of the Federal Emergency Management Agency relating thereto, to the Secretary of Homeland Security, and for treatment of related references, see former section 313(1) and sections 551(d), 552(d), and 557 of Title 6, Domestic Security, and the Department of Homeland Security Reorganization Plan of
Pub. L. 117–6, § 2(c),
Pub. L. 116–260, div. N, title II, § 276(b), “(1) no amount shall be included in the gross income of an eligible entity (within the meaning of subparagraph (J) of section 7(a)(37) of the Small Business Act [15 U.S.C. 636(a)(37)]) by reason of forgiveness of indebtedness described in clause (ii) of such subparagraph,“(2) no deduction shall be denied, no tax attribute shall be reduced, and no basis increase shall be denied, by reason of the exclusion from gross income provided by paragraph (1), and“(3) in the case of an eligible entity that is a partnership or S corporation—“(A) any amount excluded from income by reason of paragraph (1) shall be treated as tax exempt income for purposes of sections 705 and 1366 of the Internal Revenue Code of 1986 [26 U.S.C. 705, 1366], and“(B) except as provided by the Secretary of the Treasury (or the Secretary’s delegate), any increase in the adjusted basis of a partner’s interest in a partnership under section 705 of the Internal Revenue Code of 1986 with respect to any amount described in subparagraph (A) shall equal the partner’s distributive share of deductions resulting from costs giving rise to the forgiveness of indebtedness referred to in paragraph (1).”
Pub. L. 116–260, div. N, title III, § 309,
Pub. L. 116–260, div. N, title III, § 311(c), “(1) It is the sense of Congress that the interim final rule of the [Small Business] Administration entitled ‘Business Loan Program Temporary Changes; Paycheck Protection Program’ (85 Fed. Reg. 20817 (“(2) The prohibition on eligibility established by section 120.110(k) of title 13, Code of Federal Regulations, or any successor regulation, shall not apply to a loan under paragraph (36) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)).”
Pub. L. 116–260, div. N, title III, § 312, “(a) In this section—“(1) the terms ‘covered loan’ and ‘eligible recipient’ have the meanings given those terms in 7(a)(36)(A) of the Small Business Act (15 U.S.C. 636(a)(36)(A)); and“(2) the term ‘included covered loan’ means a covered loan for which, as of the date of enactment of this Act [“(b) Not later than 17 days after the date of enactment of this Act, and without regard to the notice requirements under section 553(b) of title 5, United States Code, the Administrator [of the Small Business Administration] shall issue rules or guidance to ensure that an eligible recipient of an included covered loan that returns amounts disbursed under the included covered loan or does not accept the full amount of the included covered loan for which the eligible recipient was approved—“(1) in the case of an eligible recipient that returned all or part of an included covered loan, the eligible recipient may reapply for a covered loan for an amount equal to the difference between the amount retained and the maximum amount applicable; and“(2) in the case of an eligible recipient that did not accept the full amount of an included covered loan, the eligible recipient may request a modification to increase the amount of the covered loan to the maximum amount applicable, subject to the requirements of section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)).“(c) Notwithstanding the interim final rule issued by the Administration entitled ‘Business Loan Program Temporary Changes; Paycheck Protection Program—Loan Increases’ (85 Fed. Reg. 29842 (“(1) the initial covered loan amount has been fully disbursed; or“(2) the lender of the initial covered loan has submitted to the [Small Business] Administration a Form 1502 report related to the covered loan.”
Pub. L. 116–260, div. N, title III, § 314, “(a) In this section, the term ‘Farm Credit System institution’—“(1) means an institution of the Farm Credit System chartered under the Farm Credit Act of 1971 (12 U.S.C. 2001 et seq.); and“(2) does not include the Federal Agricultural Mortgage Corporation.“(b) “(1) Solely with respect to loans under paragraphs (36) and (37) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)), Farm Credit Administration regulations and guidance issued as of “(2) For purposes of making loans under paragraph (36) or (37) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)) or forgiving those loans in accordance with section 7A of the Small Business Act [15 U.S.C. 636m], as redesignated and transferred by section 304 of this Act, and subparagraph (J) of such paragraph (37), sections 4.13, 4.14, and 4.14A of the Farm Credit Act of 1971 (12 U.S.C. 2199, 2202, 2202a) (including regulations issued under those sections) shall not apply.“(3) “(A) With respect to the application of Farm Credit Administration capital requirements, a loan described in subparagraph (B)—“(i) shall receive a risk weight of zero percent; and“(ii) shall not be included in the calculation of any applicable leverage ratio or other applicable capital ratio or calculation.“(B) A loan referred to in subparagraph (A) is—“(i) a loan made by a Farm Credit Bank described in section 1.2(a) of the Farm Credit Act of 1971 (12 U.S.C. 2002(a)) to a Federal Land Bank Association, a Production Credit Association, or an agricultural credit association described in that section to make loans under paragraph (36) or (37) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)) or forgive those loans in accordance with section 7A of the Small Business Act [15 U.S.C. 636m], as redesignated and transferred by section 304 of this Act, and subparagraph (J) of such paragraph (37); or“(ii) a loan made by a Federal Land Bank Association, a Production Credit Association, an agricultural credit association, or the bank for cooperatives described in section 1.2(a) of the Farm Credit Act of 1971 (12 U.S.C. 2002(a)) under paragraph (36) or (37) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)).“(c) This section shall be effective as if included in the CARES Act (Public Law 116–136; 134 Stat. 281) and shall apply to any loan made pursuant to section 7(a)(36) of the Small Business Act (15 U.S.C. 636(a)(36)) before, on, or after the date of enactment of this Act [
Pub. L. 116–260, div. N, title III, § 322, “(a) In this section:“(1) The term ‘controlling interest’ means owning, controlling, or holding not less than 20 percent, by vote or value, of the outstanding amount of any class of equity interest in an entity.“(2) “(A) The term ‘covered entity’ means an entity in which a covered individual directly or indirectly holds a controlling interest.“(B) For the purpose of determining whether an entity is a covered entity, the securities owned, controlled, or held by 2 or more individuals who are related as described in paragraph (3)(B) shall be aggregated.“(3) The term ‘covered individual’ means—“(A) the President, the Vice President, the head of an Executive department, or a Member of Congress; and“(B) the spouse, as determined under applicable common law, of an individual described in subparagraph (A).“(4) The term ‘Executive department’ has the meaning given the term in section 101 of title 5, United States Code.“(5) The term ‘Member of Congress’ means a Member of the Senate or House of Representatives, a Delegate to the House of Representatives, and the Resident Commissioner from Puerto Rico.“(6) The term ‘equity interest’ means—“(A) a share in an entity, without regard to whether the share is—“(i) transferable; or“(ii) classified as stock or anything similar;“(B) a capital or profit interest in a limited liability company or partnership; or“(C) a warrant or right, other than a right to convert, to purchase, sell, or subscribe to a share or interest described in subparagraph (A) or (B), respectively.“(b) For any loan under paragraph (36) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)) made to a covered entity before the date of enactment of this Act [“(1) if, before the date of enactment of this Act, the covered entity submitted an application for forgiveness under section 1106 of the CARES Act (15 U.S.C. 9005) (as such section was in effect on the day before the date of enactment of this Act) with respect to such loan, not later than 30 days after the date of enactment of this Act, the principal executive officer, or individual performing a similar function, of the covered entity shall disclose to the Administrator that the entity is a covered entity; and“(2) if, on or after the date of enactment of this Act, the covered entity submits an application for forgiveness under section 7A of the Small Business Act [15 U.S.C. 636m], as redesignated and transferred by section 304 of this Act, with respect to such loan, not later than 30 days after submitting the application, the principal executive officer, or individual performing a similar function, of the covered entity shall disclose to the Administrator [of the Small Business Administration] that the entity is a covered entity.“(c) On and after the date of enactment of this Act [
Pub. L. 116–260, div. N, title III, § 327(a), “(1) During the period beginning on the date of enactment of this Act [“(A) in lieu of the fee otherwise applicable under section 7(a)(23)(A) of the Small Business Act (15 U.S.C. 636(a)(23)(A)), collect no fee or reduce fees to the maximum extent possible; and“(B) in lieu of the fee otherwise applicable under section 7(a)(18)(A) of the Small Business Act (15 U.S.C. 636(a)(18)(A)), collect no fee or reduce fees to the maximum extent possible.“(2) To the extent that amounts are made available to the Administrator for the purpose of fee eliminations or reductions under paragraph (1), the Administrator shall—“(A) first use any amounts provided to eliminate or reduce fees paid by small business borrowers under clauses (i) through (iii) of section 7(a)(18)(A) of the Small Business Act (15 U.S.C. 636(a)(18)(A)), to the maximum extent possible; and“(B) then use any amounts provided to eliminate or reduce fees under 7(a)(23)(A) of the Small Business Act (15 U.S.C. 636(a)(23)(A)).”
Pub. L. 116–260, div. N, title III, § 329(b), “(1) the requirement to contribute non-Federal funds under section 7(m)(4)(B) of the Small Business Act (15 U.S.C. 636(m)(4)(B)); and“(2) the limitation on amounts allowed to be expended to provide information and technical assistance under clause (i) of section 7(m)(4)(E) of the Small Business Act (15 U.S.C. 636(m)(4)(E)) and enter into third party contracts for the provision of technical assistance under clause (ii) of such section 7(m)(4)(E).”
Pub. L. 116–260, div. N, title III, § 329(c), “(1) During the period beginning on the date of enactment of this Act [“(A) to an existing borrower may be extended to not more than 8 years; and“(B) to a new borrower may be not more than 8 years.“(2) On and after
Pub. L. 114–88, div. A, § 1002, “(1) In 2012, Superstorm Sandy caused substantial physical and economic damage to the United States, and New York in particular.“(2) For businesses and homeowners, the primary means of obtaining long-term Federal financial assistance in the wake of disasters such as Superstorm Sandy is through the Small Business Administration’s Disaster Loan Program.“(3) With regard to the Small Business Administration’s operation of the Disaster Loan Program after Superstorm Sandy, the Government Accountability Office found that the Administration did not meet its timeliness goals for processing business loan applications.“(4) According to the Government Accountability Office, the Small Business Administration stated that it was challenged by an unexpectedly high volume of loan applications that it received early in its response to Superstorm Sandy.“(5) As a result, many businesses and homeowners affected by Superstorm Sandy were unable to apply for financing from the Small Business Administration.”
Pub. L. 111–240, title I, § 1131(c),
Pub. L. 110–234, title XII, § 12063(b), “(1) encourages a proactive approach to the disaster relief efforts of the Administration;“(2) makes clear the services provided by the Administration, including contact information, application information, and timelines for submitting applications, the review of applications, and the disbursement of funds;“(3) describes the different disaster loan programs of the Administration, including how they are made available and the eligibility requirements for each loan program;“(4) provides for regional marketing, focusing on disasters occurring in each region before the date of enactment of this Act [“(5) ensures that the marketing plan is made available at small business development centers and on the website of the Administration.”
[Pub. L. 110–234 and Pub. L. 110–246 enacted identical provisions. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246, set out as a note under section 8701 of Title 7, Agriculture.]
[“Administration” and “Administrator”, referred to in Pub. L. 110–246, § 12063(b), set out above, as meaning the Small Business Administration and the Administrator thereof, see section 636e of this title.]
Pub. L. 110–186, § 3, “(1) the term ‘activated’ means receiving an order placing a Reservist on active duty;“(2) the term ‘active duty’ has the meaning given that term in section 101 of title 10, United States Code;“(3) the terms ‘Administration’ and ‘Administrator’ mean the Small Business Administration and the Administrator thereof, respectively;“(4) the term ‘Reservist’ means a member of a reserve component of the Armed Forces, as described in section 10101 of title 10, United States Code;“(5) the term ‘Service Corps of Retired Executives’ means the Service Corps of Retired Executives authorized by section 8(b)(1) of the Small Business Act (15 U.S.C. 637(b)(1));“(6) the terms ‘service-disabled veteran’ and ‘small business concern’ have the meaning as in section 3 of the Small Business Act (15 U.S.C. 632);“(7) the term ‘small business development center’ means a small business development center described in section 21 of the Small Business Act (15 U.S.C. 648); and“(8) the term ‘women’s business center’ means a women’s business center described in section 29 of the Small Business Act (15 U.S.C. 656).”
Pub. L. 110–186, title II, § 201(b), (c), “(b) “(1) In this subsection, the term ‘eligible Reservist’ means a Reservist who—“(A) has not been ordered to active duty;“(B) expects to be ordered to active duty during a period of military conflict; and“(C) can reasonably demonstrate that the small business concern for which that Reservist is a key employee will suffer economic injury in the absence of that Reservist.“(2) Not later than 6 months after the date of enactment of this Act [“(A) may collect all relevant materials necessary for processing a loan to a small business concern under section 7(b)(3) of the Small Business Act (15 U.S.C. 636(b)(3)) before an eligible Reservist employed by that small business concern is activated; and“(B) shall distribute funds for any loan approved under subparagraph (A) if that eligible Reservist is activated.“(c) “(1) Not later than 6 months after the date of enactment of this Act [“(A) market the loans available under section 7(b)(3) of the Small Business Act (15 U.S.C. 636(b)(3)) to Reservists, and family members of Reservists, that are on active duty and that are not on active duty; and“(B) provide technical assistance to a small business concern applying for a loan under that section.“(2) The program shall—“(A) incorporate appropriate websites maintained by the Administration, the Department of Veterans Affairs, and the Department of Defense; and“(B) require that information on the program is made available to small business concerns directly through—“(i) the district offices and resource partners of the Administration, including small business development centers, women’s business centers, and the Service Corps of Retired Executives; and“(ii) other Federal agencies, including the Department of Veterans Affairs and the Department of Defense.“(3) “(A) Not later than 6 months after the date of enactment of this Act, and every 6 months thereafter until the date that is 30 months after such date of enactment, the Administrator shall submit to Congress a report on the status of the program.“(B) Each report submitted under subparagraph (A) shall include—“(i) for the 6-month period ending on the date of that report— “(I) the number of loans approved under section 7(b)(3) of the Small Business Act (15 U.S.C. 636(b)(3)); “(II) the number of loans disbursed under that section; and “(III) the total amount disbursed under that section; and“(ii) recommendations, if any, to make the program more effective in serving small business concerns that employ Reservists.”
Pub. L. 110–186, title II, § 202, “(a) The Administrator and the Secretary of Defense shall develop a joint website and printed materials providing information regarding any program for small business concerns that is available to veterans or Reservists.“(b) The Administrator is authorized—“(1) to advertise and promote the program under section 7(b)(3) of the Small Business Act [15 U.S.C. 636(b)(3)] jointly with the Secretary of Defense and veterans’ service organizations; and“(2) to advertise and promote participation by lenders in such program jointly with trade associations for banks or other lending institutions.”
Pub. L. 108–217, §§ 4–8,
Pub. L. 107–100, § 6(c),
Pub. L. 106–50, title IV, § 402(c),
Pub. L. 106–24, § 1(c),
Pub. L. 106–8, § 2, “(1) the failure of many computer programs to recognize the Year 2000 may have extreme negative financial consequences in the Year 2000, and in subsequent years for both large and small businesses;“(2) small businesses are well behind larger businesses in implementing corrective changes to their automated systems;“(3) many small businesses do not have access to capital to fix mission critical automated systems, which could result in severe financial distress or failure for small businesses; and“(4) the failure of a large number of small businesses due to the Year 2000 computer problem would have a highly detrimental effect on the economy in the Year 2000 and in subsequent years.”
Pub. L. 105–135, title II, § 202(b), “(1) No funds are authorized to be appropriated or otherwise provided to carry out the grant program under section 7(m)(4)(F) of the Small Business Act (15 U.S.C. 636(m)(4)(F)) (as added by this section), except by transfer from another department or agency of the Federal Government to the Administration in accordance with this subsection.“(2) The total amount transferred to the Administration from other departments and agencies of the Federal Government to carry out the grant program under section 7(m)(4)(F) of the Small Business Act (15 U.S.C. 636(m)(4)(F)) (as added by this section) shall not exceed—“(A) $3,000,000 for fiscal year 1998;“(B) $4,000,000 for fiscal year 1999; and“(C) $5,000,000 for fiscal year 2000.”
Pub. L. 105–135, title V, § 507, “(a) “(1) The Administrator may administer the Defense Loan and Technical Assistance program in accordance with the authority and requirements of this section.“(2) The authority of the Administrator to carry out the DELTA program under paragraph (1) shall terminate when the funds referred to in subsection (g)(1) have been expended.“(3) In this section, the terms ‘Defense Loan and Technical Assistance program’ and ‘DELTA program’ mean the Defense Loan and Technical Assistance program that has been established by a memorandum of understanding entered into by the Administrator and the Secretary of Defense on “(b) “(1) Under the DELTA program, the Administrator may assist small business concerns that are economically dependent on defense expenditures to acquire dual-use capabilities.“(2) Forms of assistance authorized under paragraph (1) are as follows:“(A) Loan guarantees under the terms and conditions specified under this section and other applicable law.“(B) Other forms of assistance that are not financial.“(c) In the administration of the DELTA program under this section, the Administrator shall—“(1) process applications for DELTA program loan guarantees;“(2) guarantee repayment of the resulting loans in accordance with this section; and“(3) take such other actions as are necessary to administer the program.“(d) “(1) The selection criteria and eligibility requirements set forth in this subsection shall be applied in the selection of small business concerns to receive loan guarantees under the DELTA program.“(2) The criteria used for the selection of a small business concern to receive a loan guarantee under this section are as follows:“(A) The selection criteria established under the memorandum of understanding referred to in subsection (a)(3).“(B) The extent to which the loans to be guaranteed would support the retention of defense workers whose employment would otherwise be permanently or temporarily terminated as a result of reductions in expenditures by the United States for defense, the termination or cancellation of a defense contract, the failure to proceed with an approved major weapon system, the merger or consolidation of the operations of a defense contractor, or the closure or realignment of a military installation.“(C) The extent to which the loans to be guaranteed would stimulate job creation and new economic activities in communities most adversely affected by reductions in expenditures by the United States for defense, the termination or cancellation of a defense contract, the failure to proceed with an approved major weapon system, the merger or consolidation of the operations of a defense contractor, or the closure or realignment of a military installation.“(D) The extent to which the loans to be guaranteed would be used to acquire (or permit the use of other funds to acquire) capital equipment to modernize or expand the facilities of the borrower to enable the borrower to remain in the national technology and industrial base available to the Department of Defense.“(3) To be eligible for a loan guarantee under the DELTA program, a borrower must demonstrate to the satisfaction of the Administrator that, during any 1 of the 5 preceding operating years of the borrower, not less than 25 percent of the value of the borrower’s sales were derived from—“(A) contracts with the Department of Defense or the defense-related activities of the Department of Energy; or“(B) subcontracts in support of defense-related prime contracts.“(e) With respect to each borrower, the maximum amount of loan principal for which the Administrator may provide a guarantee under this section during a fiscal year may not exceed $1,250,000.“(f) The maximum allowable guarantee percentage for loans guaranteed under this section may not exceed 80 percent.“(g) “(1) The funds that have been made available for loan guarantees under the DELTA program and have been transferred from the Department of Defense to the Small Business Administration before the date of the enactment of this Act [“(2) The funds made available under the second proviso under the heading ‘“(A) to cover the costs (as defined in section 502(5) of the Federal Credit Reform Act of 1990 (2 U.S.C. 661a(5))) of loan guarantees issued under this section; and“(B) to cover the reasonable costs of the administration of the loan guarantees.”
Section 509 of Pub. L. 105–135 provided that:
Pub. L. 104–208, div. D, title I, § 104(a), “(1) “(A) Notwithstanding any other provision of law, the Administration shall conduct a demonstration program, within the parameters described in paragraph (2), to evaluate the comparative costs and benefits of having the Administration’s portfolio of disaster loans serviced under contract rather than directly by employees of the Administration. All costs of the demonstration program shall be paid from amounts made available for the Salaries and Expenses Account of the Administration.“(B) Not later than 90 days after the date of enactment of this Act [“(2) “(A) The sample of loans for the demonstration program shall be randomly drawn from the Administration’s portfolio of loans made pursuant to section 7(b) of the Small Business Act [15 U.S.C. 636(b)] and shall include a representative group of not less than 30 percent of all loans for residential properties, including 30 percent of all loans made during the demonstration program after the date of enactment of this Act, which loans shall be selected by the Administration on the basis of geographic distribution and such other factors as the Administration determines to be appropriate.“(B) The Administration shall solicit and competitively award one or more contracts to service the loans included in the sample of loans described in subparagraph (A) for a term of not less than one year, with 3 one-year contract renewal options, each of which shall be exercised by the Administration unless the Administration terminates the contractor or contractors for good cause.“(3) The demonstration program shall commence not later than “(4) “(A) Not later than 120 days before the expiration of the initial 4-year contract performance period, the Administrator shall submit to the Committees on Small Business of the House of Representatives and the Senate [Committee on Small Business of Senate now Committee on Small Business and Entrepreneurship of Senate] an interim report on the conduct of the demonstration program. The contractor shall be afforded a reasonable opportunity to attach comments to each such report.“(B) Not later than 120 days after the termination of the demonstration program, the Administrator shall submit to the Committees on Small Business of the House of Representatives and the Senate [Committee on Small Business of Senate now Committee on Small Business and Entrepreneurship of Senate] a final report on the performance of the demonstration program, together with the recommendations of the Administrator for continuation, termination, or modification of the demonstration program.”
Pub. L. 103–75,
Pub. L. 102–366, title I, § 112, “(1) nationwide, there are many individuals who possess skills that, with certain short-term assistance, could enable them to become successfully self-employed;“(2) many talented and skilled individuals who are employed in low-wage occupations could, with sufficient opportunity, start their own small business concerns, which could provide them with an improved standard of living;“(3) most such individuals have little or no savings, a nonexistent or poor credit history, and no access to credit or capital with which to start a business venture;“(4) women, minorities, and individuals residing in areas of high unemployment and high levels of poverty have particular difficulty obtaining access to credit or capital;“(5) providing such individuals with small-scale, short-term financial assistance in the form of microloans, together with intensive marketing, management, and technical assistance, could enable them to start or maintain small businesses, to become self-sufficient, and to raise their standard of living;“(6) banking institutions are reluctant to provide such assistance because of the administrative costs associated with processing and servicing the loans and because they lack experience in providing the type of marketing, management, and technical assistance needed by such borrowers;“(7) many organizations that have had successful experiences in providing microloans and marketing, management, and technical assistance to such borrowers exist throughout the Nation; and“(8) loans from the Federal Government to intermediaries for the purpose of relending to start-up, newly established and growing small business concerns are an important catalyst to attract private sector participation in microlending.”
Pub. L. 102–366, title II, § 221, “(a) A decision issued pursuant to section 7(j)(11)(F)(vii) of the Small Business Act (15 U.S.C. 636(j)(11)(F)(vii)) shall—“(1) be made available to the protestor, the protested party, the contracting officer (if not the protestor), and all other parties to the proceeding, and published in full text; and“(2) include findings of fact and conclusions of law, with specific reasons supporting such findings or conclusions, upon each material issue of fact and law of decisional significance regarding the disposition of the protest.“(b) A decision issued under section 7(j)(11)(F)(vii) of the Small Business Act that is issued prior to the date of enactment of this Act [
Pub. L. 102–190, div. A, title VIII, § 813(a)–(e),
Pub. L. 102–190, div. A, title X, § 1087,
Pub. L. 102–140, title VI, § 609(j),
References in laws to the rates of pay for GS–16, 17, or 18, or to maximum rates of pay under the General Schedule, to be considered references to rates payable under specified sections of Title 5, Government Organization and Employees, see section 529 [title I, § 101(c)(1)] of Pub. L. 101–509, set out in a note under section 5376 of Title 5.
Pub. L. 101–189, div. A, title VIII, § 833,
Pub. L. 100–656, § 2, “(1) the term ‘Administration’ means the Small Business Administration;“(2) the term ‘Administrator’ means the Administrator of the Small Business Administration, unless otherwise indicated;“(3) the term ‘Business Opportunity Specialist’ means the Administration employee responsible for providing business development assistance to Program Participants pursuant to sections 7(j) and 8(a) of the Small Business Act (15 U.S.C. 636(j), 637(a));“(4) the term ‘disadvantaged owners’ means those individuals upon whom eligibility is based for participation in the Program and the award of subcontracts pursuant to section 8(a) of the Small Business Act (15 U.S.C. 637(a));“(5) the term ‘minority owned businesses’ means business concerns that are at least 51 percent owned and controlled by one or more individuals who belong to those groups described or identified pursuant to section 2(e)(1)(C) of the Small Business Act (15 U.S.C. 631(e)(1)(C));“(6) the term ‘Program’ means the Minority Small Business and Capital Ownership Development Program established by section 7(j)(10) of the Small Business Act (15 U.S.C. 636(j)(10)), unless otherwise indicated;“(7) the term ‘Program Participant’ means a small business concern participating in the Program; and“(8) the term ‘Program Participation Term’ means the fixed period of time assigned to a Program Participant pursuant to section 7(j)(10)(A)(i) of the Small Business Act (15 U.S.C. 636(j)(10)(A)(i)) prior to the date of enactment of this Act [
Pub. L. 100–656, title I, § 101, “(a) The Congress finds that—“(1) the Capital Ownership Development Program administered by the Small Business Administration and the award of contracts pursuant to section 8(a) of the Small Business Act [15 U.S.C. 637(a)] remain a primary tool for improving opportunities for small business concerns owned and controlled by socially and economically disadvantaged individuals in the Federal procurement process and bringing such concerns into the nation’s economic mainstream;“(2) although some progress has resulted from the Program, it has generally failed to meet its objectives, which remain as valid now as when the Program was initiated;“(3) too few concerns that have exited the Program have been prepared to compete successfully in the open marketplace on competitive procurements, and many concerns have developed an unhealthy dependency on sole-source contracts by the time they are required to leave the Program;“(4) the application and certification process for admitting new participants to the Program is inordinately lengthy and burdensome;“(5) the Administration has often not efficiently and equitably administered and managed the Program in a manner that provided clear lines of responsibility for implementing and monitoring many of the administrative duties under the Program;“(6) the Administration and some program participants have given insufficient attention and support to the business development goals of the Program and instead have focused almost entirely on the size of contract awards or the number of firms certified to participate in the Program;“(7) many Federal procuring agencies have failed to identify and offer the necessary amount of contract support in order to allow for diversification and growth of disadvantaged businesses participating in the Program;“(8) contract support as well as business development expenses have been misused both by the Administration and Program participants and have not been equitably distributed pursuant to objective criteria;“(9) the widespread perception of undue political influence in the operation and administration of the Program has significantly contributed to the Program’s poor image and has deterred utilization of the Program by socially and economically disadvantaged concerns and by Federal procuring agencies; and“(10) it is imperative that increased competition and other substantial reforms be accomplished in the Program in order to promote the Congressionally mandated business development objectives and purposes.“(b) The purposes of this Act [see Short Title of 1988 Amendment note set out under section 631 of this title] therefore are to—“(1) affirm that the Capital Ownership Development Program and the section 8(a) [15 U.S.C. 637(a)] authority shall be used exclusively for business development purposes to help small businesses owned and controlled by the socially and economically disadvantaged to compete on an equal basis in the mainstream of the American economy;“(2) affirm that the measure of success of the Capital Ownership Development Program, and the section 8(a) authority, shall be the number of competitive firms that exit the Program without being unreasonably reliant on section 8(a) contracts and that are able to compete on an equal basis in the mainstream of the American economy;“(3) ensure that program benefits accrue to individuals who are both socially and economically disadvantaged;“(4) increase the number of small businesses owned and controlled by such individuals from which the United States may purchase products and services (including construction work); and“(5) ensure integrity, competence, and efficiency in the administration of business development services and the Federal contracting opportunities made available to eligible small businesses.”
Pub. L. 100–656, title IV, § 410, “(a) (1) In each Small Business Administration field office responsible for assisting one or more Program Participants there shall be a position designated as a Business Opportunity Specialist. To the maximum extent practicable the Administration shall assure that an adequate number of Business Opportunity Specialists are assigned to each district office to carry out the responsibilities of sections 7(j) and 8(a) of the Small Business Act (15 U.S.C. 636(j), 637(a)) and to assist Program Participants.“(2) The Administration shall take such actions as may be appropriate to ensure that any person employed as a Business Opportunity Specialist receives adequate periodic training to assure such employee is capable of assisting Program Participants to fully utilize the Program and to meet the requirements of the Small Business Act [15 U.S.C. 631 et seq.], as amended by this Act.“(b) (1) Within 180 days after the effective date of this subsection [“(2) A Business Opportunity Specialist employed in a Region designated pursuant to paragraph (1), in addition to other assigned duties and responsibilities, shall—“(A) conduct contract negotiations on behalf of the Administration for contracts awarded pursuant to section 8(a) of the Small Business Act (15 U.S.C. 637(a)) when performance will be rendered by one or more firms in such Specialist’s assigned portfolio;“(B) facilitate and otherwise assist such firms in negotiating for the receipt of contracts to be let pursuant to such section.“(3) The Administration shall take such actions as may be appropriate to train and qualify such Specialists to perform the negotiations required pursuant to paragraph (2).“(4) To the extent practicable, the Administrator shall ensure that the performance appraisal system applicable to a Business Opportunity Specialist employed in a region designated pursuant to paragraph (1) affords substantial recognition to how well such Specialist’s assigned portfolio of concerns participating in the program established by section 7(j)(10) of the Small Business Act (15 U.S.C. 636(j)(10)) are achieving competitiveness and furthering the business development purposes of the program.“(5) The Administration shall establish personnel positions for Business Opportunity Specialists employed in the regions designated pursuant to paragraph (1) that are classified at a grade level of the General Schedule that are sufficient, in the opinion of the Administrator, to attract and retain highly qualified personnel.“(c) (1) Within 120 days after the termination of the pilot program conducted pursuant to subsection (b), the Administration shall issue a report to the Committees on Small Business of the Senate and of the House of Representatives [Committee on Small Business of Senate now Committee on Small Business and Entrepreneurship of Senate] on the effectiveness of the pilot. Such report shall contain such recommendations for administrative or legislative change as may be appropriate.“(2) The pilot program conducted pursuant to subsection (b) shall be terminated three years after the date on which the Committees on Small Business of the Senate and of the House of Representatives [Committee on Small Business of Senate now Committee on Small Business and Entrepreneurship of Senate] receive written notification from the Administrator that the pilot is in full operation in each of the three designated pilot regions.”
Pub. L. 100–656, title V, § 504,
Pub. L. 100–656, title V, § 505(a)–(g),
Pub. L. 100–656, title VIII, § 802(f), “(1) Any new credit authority or authority to enter into contracts provided for in this Act [see Short Title of 1988 Amendment note set out under section 631 of this title] is to be effective for any fiscal year only to such extent or in such amounts as are provided in appropriation Acts.“(2) No funds are authorized to be appropriated in subsequent appropriation Acts to the Administration for the purpose of making grants of financial assistance under the so called ‘Business Development Expense’ program to any firm participating in the programs authorized by section 7(j)(10) or section 8(a) of the Small Business Act (15 U.S.C. 636(j)(10) and 637(a)).”
Pub. L. 100–590, title I, § 102(b),
Similar provisions were contained in Pub. L. 100–533, title III, § 302(b),
Pub. L. 99–272, title XVIII, § 18006(b),
Pub. L. 98–166, title I, § 101,
Pub. L. 97–35, title XIX, § 1907
Pub. L. 96–481, title I, § 106(b),
Pub. L. 96–302, title V, §§ 502, 503, “Sec. 502. The Congress hereby finds and declares that—“(1) employee ownership of firms provides a means for preserving jobs and business activity;“(2) employee ownership of firms provides a means for keeping a small business small when it might otherwise be sold to a conglomerate or other large enterprise;“(3) employee ownership of firms provides a means for creating a new small business from the sale of a subsidiary of a large enterprise;“(4) unemployment insurance programs, welfare payments, and job creation programs are less desirable and more costly for both the Government and program beneficiaries than loan guarantee programs to maintain employment in firms that would otherwise be closed, liquidated, or relocated; and“(5) by guaranteeing loans to qualified employee trusts and similar employee organizations, the Small Business Administration can provide feasible and desirable methods for the transfer of all or part of the ownership of a small business concern to its employees.“Sec. 503. (a) The purposes of this title [enacting sections 632(c) and 636(a)(8) of this title and provisions set out as notes under sections 631 and 636 of this title] are—“(1) to provide that a qualified employee trust shall be eligible for loan guarantees under section 7(a) of the Small Business Act [subsec. (a) of this section] with respect to a small business concern, regardless of the percentage of stock of the concern held by the trust, and“(2) to provide in section 505 of this Act [enacting subsec. (a)(8) of this section] authority to address the specific case in which the Small Business Administration guarantees loans under section 7(a) of the Small Business Act [subsec. (a) of this section] for purposes of providing funds to a qualified employee trust (and other employee organizations which are treated as qualified employee trusts) for the purchase, by at least 51 percent of the employees, of at least 51 percent of the stock of business which is operated for profit and which is—“(A) a small business concern, or“(B) a corporation which is controlled by another person if, after the plan for the purchase of such corporation is carried out, such corporation would be a small business concern.“(b) Nothing in this title shall be construed to prohibit the Small Business Administration from making loan guarantees under section 7(a) of the Small Business Act [subsec. (a) of this section] to qualified employee trusts which own less than 51 percent of the stock of a continuing business.”
Pub. L. 94–305, title I, § 101,
Pub. L. 97–35, title XIX, § 1916,
Pub. L. 93–24, § 9,
Pub. L. 93–237, § 2(d),
Pub. L. 92–385, § 1(c),
Pub. L. 85–699, title VI, § 602(a), (b), “(a) Within sixty days after the enactment of this Act [“(b) The amounts repaid to the United States pursuant to subsection (a) of this section shall be covered into a special fund in the Treasury which shall be available for grants under section 7(d) of the Small Business Act [subsec. (d) of this section]. Any remaining balance of funds set aside in the Treasury for payments under section 13b of the Federal Reserve Act [12 U.S.C. 352a] shall be covered into the Treasury as miscellaneous receipts.”
Pub. L. 91–173, title V, § 504(d),
Ex. Ord. No. 12190,
Term of Advisory Committee on Small and Minority Business Ownership extended until
Previous extensions of term of Advisory Committee on Small and Minority Business Ownership were contained in the following prior Executive Orders:
Ex. Ord. No. 12610,
Ex. Ord. No. 12534,
Ex. Ord. No. 12489,
Ex. Ord. No. 12399,
Ex. Ord. No. 12258,