Sec. 323. Commitment authority and appropriations
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Section 1102(b) of the CARES Act ( Public Law 116–136 ) is amended— in paragraph (1)— in the paragraph heading, by inserting after and second draw ; PPP by striking August 8, 2020 and inserting March 31, 2021 ; by striking paragraph
(36)and inserting paragraphs
(36)and
(37); and by striking $659,000,000,000 and inserting $806,450,000,000 ; and by adding at the end the following:
(a)loan program level and funding Notwithstanding the amount authorized under the heading Small Business Administration—Business Loans Program Account under the Financial Services and General Government Appropriations Act, 2021 for commitments for general business loans authorized under paragraphs
(1)through
(35)of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ), commitments for general business loans authorized under paragraphs
(1)through
(35)of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ) shall not exceed $75,000,000,000 for a combination of amortizing term loans and the aggregated maximum line of credit provided by revolving loans during the period beginning on the date of enactment of this Act and ending on September 30, 2021. . Section 1107(b) of the CARES Act ( 15 U.S.C. 9006(b) ) is amended by inserting with respect to loans under any paragraph of section 7(a) of the Small Business Act ( before 15 U.S.C. 636(a) ) shall not exceed . With respect to unobligated balances under the heading Small Business Administration—Business Loans Program Account, CARES Act as of the day before the date of enactment of this Act, $146,500,000,000 shall be rescinded and deposited into the general fund of the Treasury. There is appropriated, out of amounts in the Treasury not otherwise appropriated, for the fiscal year ending September 30, 2021, to remain available until expended, for additional amounts— $284,450,000,000 under the heading Small Business Administration—Business Loans Program Account, CARES Act , for the cost of guaranteed loans as authorized under paragraph
(36)or
(37)of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ), as amended and added by this Act, including the cost of any modifications to any loans guaranteed under such paragraph
(36)that were approved on or before August 8, 2020, of which— not less than $15,000,000,000 shall be for guaranteeing loans under such paragraph
(36)or
(37)made by community financial institutions, as defined in section 7(a)(36)(A) of the Small Business Act ( 15 U.S.C. 636(a)(36)(A) ); not less than $15,000,000,000 shall be for guaranteeing loans under such paragraph
(36)or
(37)made by— insured depository institutions (as defined in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 )) with consolidated assets of less than $10,000,000,000; credit unions (as defined in section 7(a)(36)(A) of the Small Business Act ( 15 U.S.C. 636(a)(36)(A) )) with consolidated assets of less than $10,000,000,000; or institutions of the Farm Credit System chartered under the Farm Credit Act of 1971 ( 12 U.S.C. 2001 et seq.) with consolidated assets of less than $10,000,000,000 (not including the Federal Agricultural Mortgage Corporation); not less than $15,000,000,000 shall be for guaranteeing loans under paragraph
(36)of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ), as amended by this Act, that are— made to eligible recipients with not more than 10 employees; or in an amount that is not more than $250,000 and made to an eligible recipient that is located in a neighborhood that is a low-income neighborhood or a moderate-income neighborhood, for the purposes of the Community Reinvestment Act of 1977 ( 12 U.S.C. 2901 et seq.); not less than $35,000,000,000 shall be for guaranteeing loans under paragraph
(36)of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ), as amended by this Act, to eligible recipients that have not previously received a loan under such paragraph (36); and not less than $25,000,000,000 shall be for guaranteeing loans under paragraph
(37)of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ), as added by this Act, that are— made to eligible entities with not more than 10 employees; or in an amount that is not more than $250,000 and made to an eligible entity that is located in a neighborhood that is a low-income neighborhood or a moderate-income neighborhood, for the purposes of the Community Reinvestment Act of 1977 ( 12 U.S.C. 2901 et seq.); $25,000,000 under the heading Department of Commerce—Minority Business Development Agency for the Minority Business Development Centers Program, including Specialty Centers, for necessary expenses, including any cost sharing requirements that may exist, for assisting minority business enterprises to prevent, prepare for, and respond to coronavirus, including identifying and accessing local, State, and Federal government assistance related to such virus; $50,000,000 under the heading Small Business Administration—Salaries and Expenses for the cost of carrying out reviews and audits of loans under subsection
(l)of section 7A of the Small Business Act, as redesignated, transferred, and amended by this Act; $20,000,000,000 under the heading Small Business Administration—Targeted EIDL Advance to carry out section 331 of this Act, of which $20,000,000 shall be made available to the Inspector General of the Small Business Administration to prevent waste, fraud, and abuse with respect to funding made available under that section; $57,000,000 for the program established under section 7(m) of the Small Business Act ( 15 U.S.C. 636(m) ) of which— $50,000,000 shall be to provide technical assistance grants under such section 7(m) under the heading Small Business Administration—Entrepreneurial Development Programs ; and $7,000,000 shall be to provide direct loans under such section 7(m) under the heading Small Business Administration—Business Loans Program Account ; $1,918,000,000 under the heading Small Business Administration—Business Loans Program Account for the cost of guaranteed loans as authorized by paragraphs
(1)through
(35)of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ), including the cost of carrying out sections 326, 327, and 328 of this Act; $3,500,000,000 under the heading Small Business Administration—Business Loans Program Account, CARES Act for carrying out section 325 of this Act; and $15,000,000,000 under the heading Small Business Administration—Shuttered Venue Operators to carry out section 324 of this Act. Notwithstanding paragraph (1)(A), if the Administrator makes the determination described in subparagraph
(B)of this paragraph, the Administrator may reduce the amount of any allocation under paragraph (1)(A) to be such amount as the Administrator may determine necessary. The determination described in this subparagraph is a determination by the Administrator that— is not made earlier than 25 days after the date of enactment of this Act; it is not reasonably expected that a type of entity described in paragraph (1)(A) will make, or receive, as applicable, the minimum amount of loans necessary to meet the applicable allocation under paragraph(1)(A); and it is reasonably expected that the total amount of loans guaranteed under paragraph
(36)or
(37)of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ), as amended and added by this Act, will equal substantially all of the amount permitted by available funds by March 31, 2021. Effective on the date of enactment of this Act, the remaining unobligated balances of funds from amounts made available for Small Business Administration—Office of Inspector General under section 1107(a)(3) of the CARES Act ( 15 U.S.C. 9006(a)(3) ), are hereby rescinded. There is appropriated, for an additional amount, for the fiscal year ending September 30, 2021, out of amounts in the Treasury not otherwise appropriated, an amount equal to the amount rescinded under subparagraph (A), to remain available until expended, under the heading Small Business Administration—Office of Inspector General . The amounts made available under clause
(i)shall be available for the same purposes, in addition to other funds as may be available for such purposes, and under the same authorities as the amounts made available under section 1107(a)(3) of the CARES Act ( 15 U.S.C. 9006(a)(3) ).
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Sec. 323
Commitment authority and appropriations
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