Sec. 190016. Economic injury disaster loans improvements
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/bill/116/hr/6379/ih/section-190016·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
With respect to a loan made under section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) ) in response to the COVID–19 pandemic that does not exceed $350,000, the Administrator— may approve an applicant based solely on the credit score of the applicant and shall not require an applicant to submit a tax return or a tax return transcript for such approval; or use alternative appropriate methods to determine an applicant’s ability to repay. Section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) ) is amended— in subparagraph (A), by striking or at the end; in subparagraph (B), by striking or at the end; in subparagraph (C), by striking or at the end; by redesignating subparagraph
(D)as subparagraph (E); by inserting after subparagraph
(C)the following: an emergency involving Federal primary responsibility determined to exist by the President under the section 501(b) of the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5191(b) ); or ; and in subparagraph (E), as so redesignated— by striking or
(C)and inserting (C), or
(D); by striking disaster declaration each place it appears and inserting disaster or emergency declaration ; by striking disaster has occurred and inserting disaster or emergency has occurred ; by striking such disaster and inserting such disaster or emergency ; and by striking disaster stricken and inserting disaster- or emergency-stricken ; and in the flush matter following subparagraph
(E)(as so redesignated), by striking the period at the end and inserting the following: : . Provided further , that for purposes of subparagraph (D), the Administrator shall deem that such an emergency affects each State or subdivision thereof (including counties), and that each State or subdivision has sufficient economic damage to small business concerns to qualify for assistance under this paragraph and the Administrator shall accept applications for such assistance immediately. The flush matter following subparagraph
(E)(as so redesignated) of section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) ) is amended by striking That no loan or guarantee and all that follows through credit elsewhere and inserting the following: With respect to a loan made under this paragraph to a cooperative, the Administrator shall not require a personal guarantee for such a loan . Section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) ) is amended by striking small agricultural cooperative and inserting small cooperative . The Administrator of the Small Business Administration may increase by 20 percent the amount received by an eligible small business concern under section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) ) to cover continuity-of-operations and risk mitigation improvements, including telework capability, offsite record keeping, redundancy, the administrative costs of establishing paid sick leave, and presenteeism prevention. In this section, the term eligible small business concern means a small business concern that— meets the applicable size standard established under section 3 of the Small Business Act ( 15 U.S.C. 632 ); and is receiving assistance under section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) ) related to COVID–19. There is authorized to be appropriated to the Administrator to carry out the loan program under section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) )— $177,000,000 for administration costs; and $25,000,000,000 to provide loans or other assistance.
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