Sec. 211. Credit elsewhere requirements
109 words·~1 min read·
/bill/116/s/4818/is/section-211A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 7(a)(36)(I) of the Small Business Act ( 15 U.S.C. 636(a)(36)(I) ) is amended to read as follows: The requirement that a small business concern is unable to obtain credit elsewhere (as defined in section 3(h))— shall not apply to— a covered loan approved by the Administrator before the date of enactment of the Heroes Small Business Lifeline Act ; or a covered loan made to a covered organization, covered nonprofit organization, or housing cooperative; and shall only apply to covered loans in an amount greater than $350,000 approved by the Administrator on or after the date of the enactment of the Heroes Small Business Lifeline Act . .