Source: https://www.law.cornell.edu/uscode/text/15/636j
Timestamp: 2015-09-01 05:26:59
Document Index: 517941193

Matched Legal Cases: ['§ 636', '§ 636', '§ 636', '§\u202f636', '§\u202f12085', '§\u202f4', '§\u202f12085']

15 U.S. Code § 636j - Expedited disaster assistance loan program | US Law | LII / Legal Information Institute
U.S. Code › Title 15 › Chapter 14A › § 636j 15 U.S. Code § 636j - Expedited disaster assistance loan program
§ 636j.
Expedited disaster assistance loan program
In this section, the term “program” means the expedited disaster assistance business loan program established under subsection (b).
(b) Creation of program
The Administrator shall take such administrative action as is necessary to establish and implement an expedited disaster assistance business loan program under which the Administration may, on an expedited basis, guarantee timely payment of principal and interest, as scheduled on any loan made to an eligible small business concern under paragraph (9) of section 636(b) of this title, as added by this Act.
(c) Consultation requiredIn establishing the program, the Administrator shall consult with—
appropriate personnel of the Administration (including District Office personnel of the Administration);
appropriate technical assistance providers (including small business development centers);
appropriate lenders and credit unions;
the Committee on Small Business of the House of Representatives.
Not later than 1 year after the date of enactment of this Act, the Administrator shall issue rules in final form establishing and implementing the program in accordance with this section. Such rules shall apply as provided for in this section, beginning 90 days after their issuance in final form.
(2) ContentsThe rules promulgated under paragraph (1) shall—
(A) identify whether appropriate uses of funds under the program may include—
paying bills and other financial obligations;
restarting or operating a small business concern in the community in which it was conducting operations prior to the applicable major disaster, or to a neighboring area, county, or parish in the disaster area; or
covering additional costs until the small business concern is able to obtain funding through insurance claims, Federal assistance programs, or other sources; and
set the terms and conditions of any loan made under the program, subject to paragraph (3).
(3) Terms and conditionsA loan guaranteed by the Administration under this section—
shall be for not more than $150,000;
shall be a short-term loan, not to exceed 180 days, except that the Administrator may extend such term as the Administrator determines necessary or appropriate on a case-by-case basis;
shall have an interest rate not to exceed 300 basis points above the interest rate established by the Board of Governors of the Federal Reserve System that 1 bank charges another for reserves that are lent on an overnight basis on the date the loan is made;
shall have no prepayment penalty;
may only be made to a borrower that meets the requirements for a loan under section 636(b) of this title, as amended by this Act;
may be refinanced as part of any subsequent disaster assistance provided under section 636(b) of this title, as amended by this Act;
(G) may receive expedited loss verification and loan processing, if the applicant is—
a major source of employment in the disaster area (which shall be determined in the same manner as under section 636(b)(3)(B) [1] of this title); or
vital to recovery efforts in the region (including providing debris removal services, manufactured housing, or building materials); and
shall be subject to such additional terms as the Administrator determines necessary or appropriate.
Not later than 5 months after the date of enactment of this Act, the Administrator shall report to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives on the progress of the Administrator in establishing the program.
There are authorized to be appropriated to the Administrator such sums as are necessary to carry out this section.
(Pub. L. 110–234, title XII, § 12085, May 22, 2008, 122 Stat. 1421; Pub. L. 110–246, § 4(a), title XII, § 12085, June 18, 2008, 122 Stat. 1664, 2183.)
[1]  So in original. Probably should be “636(b)(3)(E)”.
Paragraph (9) of section 636(b) of this title, as added by this Act, referred to in subsec. (b), is section 636(b)(9) of this title, as added by Pub. L. 110–246.
Section 636(b) of this title, as amended by this Act, referred to in subsec. (d)(3)(E), (F), is section 636(b) of this title, as amended by Pub. L. 110–246.
The date of enactment of this Act, referred to in subsecs. (d)(1) and (e), is the date of enactment of Pub. L. 110–246, which was approved June 18, 2008.