out a program under which the Administrator is author-
ized to make loans directly to eligible small business con-
cerns (in this section referred to as the ‘‘program’’). 
(b) ADMINISTRATION.—Except as otherwise provided 
under this section and to the extent practicable, the Ad-
ministrator of the Small Business Administration shall 
carry out the program— 
(1) using the administrative resources of the 
Small Business Administration; and 
(2) in a manner similar to the loan program 
under section 7(a) of the Small Business Act (15 
U.S.C. 636(a)). 
(c) USE OF LOAN FUNDS.—Amounts from a loan 
made under the program may be used by a small business 
concern for the operation or expansion of such concern 
or for any other purpose allowed under section 7(a) of the 
Small Business Act (15 U.S.C. 636(a)). 
(d) LOAN AMOUNT.—The maximum amount of a 
loan made under the program shall be $1,500,000. 
(e) LOAN TERM.—The maximum term for repayment 
of a loan made under the program shall be 25 years. 
(f) LOAN INTEREST RATE.—The interest rate with 
respect to a loan made under the program shall be the 
sum of— 
(1) 4.75 percent; and 
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(2) the prime rate (as determined by the Ad-
ministrator of the Small Business Administration). 
(g) ACCOUNTABILITY.— 
(1) SBA REPORTS.—Not later than 30 days 
after the date of enactment of this Act and every 
month thereafter, the Administrator of the Small 
Business Administration shall submit to the Com-
mittee on Small Business of the House of Rep-
resentatives and the Committee on Small Business 
and Entrepreneurship of the Senate a report de-
scribing— 
(A) the number of loans made under the 
program; 
(B) the amounts of loans made under the 
program; 
(C) the uses of loans made under the pro-
gram; 
(D) repayment progress with respect to 
loans made under the program; 
(E) the default rate with respect to loans 
made under the program; and 
(F) other relevant information with respect 
to the program. 
(2) GAO REPORTS.— 
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(A) REVIEW.—The Comptroller General of 
the United States shall conduct a review of the 
program to evaluate the effectiveness of the 
program and identify any waste or abuse relat-
ing to the program. 
(B) REPORTS.—Not later than 90 days 
after the date of enactment of this Act and 
quarterly thereafter, the Comptroller General 
shall submit to the Committee on Small Busi-
ness of the House of Representatives and the 
Committee on Small Business and Entrepre-
neurship of the Senate a report describing the 
results of the review conducted under subpara-
graph (A). 
(h) DEFINITIONS.—In this section, the following defi-
nitions apply: 
(1) ELIGIBLE
SMALL
BUSINESS
CONCERN.— 
The term ‘‘eligible small business concern’’ means a 
small business concern that the Administrator of the 
Small Business Administration determines— 
(A) is economically healthy; 
(B) has good credit; and 
(C) is unable to obtain a loan on reason-
able terms from a non-Federal source (which 
may be demonstrated with respect to a small 
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business concern by evidence that a lender dis-
continued a line of credit of such concern not-
withstanding the good credit of such concern). 
(2) SMALL
BUSINESS
CONCERN.—The term 
‘‘small business concern’’ has the meaning given 
such term under section 3(a) of the Small Business 
Act (15 U.S.C. 632(a)). 
(i) AUTHORIZATION OF APPROPRIATIONS.—There is 
authorized to be appropriated to the Administrator of the 
Small Business Administration $10,000,000,000 to carry 
out the program, including the hiring of necessary per-
sonnel. 
(j) TERMINATION.—The program shall terminate on 
the date that is 2 years after the date of enactment of 
this Act. 
Æ 
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