Sec. 20231. Direct loans to small business concerns
157 words·~1 min read·
/bill/116/hr/8352/ih/section-20231A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
From amounts appropriated pursuant to subsection (e), the Administrator of the Small Business Administration shall establish a program to make direct loans to small business concerns (as defined under section 3 of the Small Business Act ( 15 U.S.C. 632 )). Loans made under this section shall be in an amount not greater than the lesser of— 5 percent of the annual revenue of the small business concern requesting the loan; or $250,000. The interest rate on a loan made under this section shall be equal to the discount window primary credit interest rate most recently published on the Federal Reserve Statistical Release on selected interest rates (daily or weekly), commonly referred to as the H.15 release.
The Administrator of the Small Business Administration shall submit a report to Congress on the implementation and results of the program established under this section. There are authorized to be appropriated $25,000,000 for each of fiscal years 2022 to 2024.
Connectionstraces to 1
Traces to 1 document
U.S. Code
Citation graph
cites case law
Sec. 20231
Direct loans to small business concerns
Cites 1Cited by 0 across 0 sources