Sec. 3. Economic stimulus lending program for small businesses
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The Administrator may guarantee up to 90 percent of qualifying small business loans made by eligible lenders. For purposes of this section: The term Administrator means the Administrator of the Small Business Administration. The term qualifying small business loan means any loan to a small business concern pursuant to section 7(a) of the Small Business Act (15 U.S.C. 636) or title V of the Small Business Investment Act of 1958 (15 U.S.C. 695 and following) except for such loans made under section 7(a)(31).
The term small business concern has the same meaning as provided by section 3 of the Small Business Act ( 15 U.S.C. 632 ). A loan guarantee may not be made under this section for a loan made to a concern if an individual who is an alien unlawfully present in the United States— has an ownership interest in that concern; or has an ownership interest in another concern that itself has an ownership interest in that concern. No loan guarantee may be made under this section for a loan to any entity found, based on a determination by the Secretary of Homeland Security or the Attorney General to have engaged in a pattern or practice of hiring, recruiting or referring for a fee, for employment in the United States persons knowing those persons are or would be aliens unlawfully present in the United States.
Before approval of any loan guarantee under this section, the Administrator may verify the applicant’s criminal background, or lack thereof, through the best available means, including, if possible, use of the National Crime Information Center computer system at the Federal Bureau of Investigation. Nothing in this section shall be construed to exempt any activity of the Administrator under this section from the Federal Credit Reform Act of 1990 (title V of the Congressional Budget and Impoundment Control Act of 1974; 2 U.S.C. 661 and following).
The provisions of the Small Business Act applicable to loan guarantees under section 7 of that Act and regulations promulgated thereunder as of the date of the enactment of this Act shall apply to loan guarantees under this section except as otherwise provided in this section. Loan guarantees may not be issued under this section later than one year after the date of the enactment of this Act.
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Sec. 3
Economic stimulus lending program for small businesses
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