Sec. 1113. Economic stimulus lending program for small businesses
350 words·~2 min read·
/bill/115/hr/2429/ih/section-1113A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Notwithstanding section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ), for a qualifying small business loan the Administrator may guarantee not more than 90 percent of the balance of the financing outstanding at the time of disbursement of the loan, if such balance is less than or equal to $2,000,000. For purposes of this section, the term qualifying small business loan means any loan to a Puerto Rico business made pursuant to section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ), except for such loans made under section 7(a)(31) of such Act ( 15 U.S.C. 636(a)(31) ).
The Administrator may not guarantee a loan made under this section to a small business 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. The Administrator may not guarantee a loan made under this section to any entity, based on a determination by the Secretary of Homeland Security or the Attorney General, found to have engaged in a pattern or practice of hiring, recruiting, or referring for a fee for employment in the United States an alien, if such entity knows that the person is an unauthorized alien.
Prior to guaranteeing a loan made 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. 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 enactment of this Act shall apply to loan guarantees under this section except as otherwise provided in this section.
The Administrator may not guarantee a loan made under this section after the Oversight Board termination date.
Connectionstraces to 1
Traces to 1 document
U.S. Code
Citation graph
cites case law
Sec. 1113
Economic stimulus lending program for small businesses
Cites 1Cited by 0 across 0 sources