§ 636. Additional powers

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 February 15, 2019, and February 15, 2020” for “except that, in the case of an applicant that is seasonal employer, as determined by the Administrator, the average total monthly payments for payroll shall be for the 12-week period beginning February 15, 2019, or at the election of the eligible recipient, March 1, 2019, and ending June 30, 2019”.

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 January 31, 2020, and ending on the date on which covered loans are made available”, which appeared after “loan made under subsection (b)(2)”, was executed by striking out text containing “2020 and” instead of “2020, and”, to reflect the probable intent of Congress.

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), directed amendment of cl. (ii) by striking all after the semicolon and inserting “and”, resulting in substitution of “and” for “and” at end.

Subsec. (m)(11)(D). Pub. L. 116–260, § 329(a)(1)(C)(ii), directed amendment of par. (11) by adding subpar. (D) and striking out all after subpar. (C), resulting in striking of former subpar. (D) as added by Pub. L. 103–403, § 208(c). See 1994 Amendment note below.

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 October 1, 2002, the guarantee fee under subparagraph (A) shall be as follows:

“(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 October 1, 2002, the annual fee assessed and collected under the preceding sentence shall be in an amount equal to 0.25 percent of the outstanding balance of the deferred participation share of the loan.”

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 October 1, 2002, the annual fee assessed and collected under the preceding sentence shall be in an amount equal to 0.25 percent of the outstanding balance of the deferred participation share of the loan.”

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 October 1, 1995.”

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)(C), (D). Pub. L. 103–403, § 208(b), (c), temporarily substituted “; and” for period at end of subpar. (C) and 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 January 1, 1981, and at any time thereafter at the discretion of the Comptroller General, on the findings of this evaluation and shall make recommendations on actions needed to improve the Administration’s performance pursuant to this paragraph.”

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 January 1, 1981, and at any time thereafter at the discretion of the Comptroller General.”

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 “October 1, 1994” for “October 1, 1992”.

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”.