Sec. 3. Revised disaster deadline
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Section 7(d) of the Small Business Act ( 15 U.S.C. 636(d) ) is amended by adding at the end the following: Notwithstanding any other provision of law, and subject to the same requirements and procedures that are used to make loans pursuant to subsection (b), a small business concern, homeowner, nonprofit entity, or renter that was located within an area and during the time period with respect to which a major disaster was declared by the President under section 401 of the Robert T.
Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5170 ) by reason of Superstorm Sandy may apply to the Administrator— for a loan to repair, rehabilitate, or replace property damaged or destroyed by reason of Superstorm Sandy; or if such a small business concern has suffered substantial economic injury by reason of Superstorm Sandy, for a loan to assist such a small business concern. The Administrator shall select loan recipients and make available loans for a period of not less than 1 year after the date on which the Administrator carries begins carrying out this authority.
Not later than 6 months after the date on which the Administrator begins carrying out this authority, the Inspector General of the Administration shall initiate a review of the controls for ensuring applicant eligibility for loans made under this paragraph. .
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