Sec. 218. Treatment of certain criminal violations
180 words·~1 min read·
/bill/116/hr/925/eah/section-218A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 7(a)(36) of the Small Business Act ( 15 U.S.C. 636(a)(36) ), as amended by section 101, is further amended by adding at the end the following new subparagraph: A entity that is a business, organization, cooperative, or enterprise may not receive a covered loan if an owner of 20 percent or more of the equity of such entity, during the 5-year period preceding the date on which such entity applies for a covered loan, has been convicted of a felony of financial fraud or deception under Federal, State, or Tribal law.
An entity that is a business, organization, cooperative, or enterprise shall be an eligible recipient notwithstanding a prior arrest or conviction under Federal, State, or Tribal law of an owner of 20 percent or more of the equity of such entity, unless such owner is currently incarcerated. The Administrator may waive the requirements of clause (i). . Not later than 15 days after the date of enactment of this Act, the Administrator shall make necessary revisions to any rules to carry out the amendment made by this section.
Connectionstraces to 1
Traces to 1 document
U.S. Code
Citation graph
cites case law
Sec. 218
Treatment of certain criminal violations
Cites 1Cited by 0 across 0 sources