Sec. 101. Microloan program for Puerto Rico small business concerns
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Section 7(m)(3)(C) of the Small Business Act ( 15 U.S.C. 636(m)(3)(C) ) is amended— by inserting and except as provided in clause
(ii)after subsection (a)(3) ; by striking Notwithstanding and inserting the following: Notwithstanding ; and by adding at the end the following: No loan shall be made under this subsection if the total amount outstanding and committed to 1 covered intermediary (excluding outstanding grants) from the business loan and investment fund established by this Act would, as a result of such loan, exceed $6,000,000 in the remaining years of the covered intermediary's participation in the program. In this clause, the term covered intermediary means an intermediary that— is participating in the program; and submits to the Administrator a certification that not less than 20 percent of the microloans made by the intermediary under this subsection, during such period as the Administrator may specify, will be made to Puerto Rico businesses. . Section 7(m)(4)(E) of the Small Business Act ( 15 U.S.C. 636(m)(4)(E) ) is amended— in clause (i), by striking Each and inserting Except as provided in clause (iii), each ; and by adding at the end the following: The Administrator shall waive the requirements of clause
(i)for an intermediary for which not less than 25 percent of the loans made by the intermediary are made to Puerto Rico businesses. . Not later than 18 months after the date of enactment of this Act, the Administrator shall submit to Congress a report on the impact of waiving the requirements of section 7(m)(4)(E)(i) of the Small Business Act for all intermediaries receiving grant funds under section 7(m)(1)(B)(ii) of the Small Business Act, which shall include an analysis of the effectiveness and feasibility of expanding the waiver to small business concerns nationwide. Subsections
(a)and
(b)shall be repealed, and the provisions of law amended by such subsections shall be restored as if such subsections had not been enacted, on the Oversight Board termination date. Not later than 180 days after the date of enactment of this Act, the Comptroller General of the United States shall complete a study and submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report on the following: The operations (including services provided, structure, size, and area of operation) of a representative sample of— intermediaries that are eligible for participation in the microloan program under section 7(m) of the Small Business Act ( 15 U.S.C. 636(m) ) and that participate in the microloan program; and intermediaries (including those operated for profit, operated as nonprofit organizations, and affiliated with a United States institution of higher learning (as defined in section 3452 of title 38, United States Code) that are so eligible and that do not participate in the microloan program. The reasons why intermediaries described in paragraph (1)(B) choose not to participate in the microloan program. Recommendations on how to encourage increased participation in the microloan program by intermediaries described in paragraph (1)(B). Recommendations for increasing the number of intermediaries located in the territories of the United States or in economically distressed areas (as defined in section 7(m)(11)(D) of the Small Business Act ( 15 U.S.C. 636(m)(11)(D) ) that are eligible for participation in the microloan program under section 7(m) of such Act. Recommendations on how to decrease the costs associated with participation in the microloan program for eligible intermediaries.
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Sec. 101
Microloan program for Puerto Rico small business concerns
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