Sec. 402. Notices to applicants for economic injury disaster loans or advances
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Section 7(b)(11) of the Small Business Act ( 15 U.S.C. 636(b)(11) ) is amended— by striking The Administrator and inserting the following: The Administrator ; and by adding at the end the following: In carrying out subparagraph (A), the Administrator shall— publish on the website of the Administration a description of the rules issued with respect to a loan made under this subsection, which shall be clear and easy to understand; and upon receiving an application for a loan under this subsection, provide to the loan applicant the description described in clause (i).
The Administrator shall— provide all applicants for a loan under this subsection or an advance under section 1110(e) of the CARES Act ( 15 U.S.C. 9009(e) ) for which the loan or advance application was fully or partially denied with a complete written application of the reason for the denial at the time the decision is made; establish a dedicated telephonic information line and e-mail address to respond to further inquiries about denied applications described in subclause (I); and before fully or partially denying an application for a loan under this subsection or an advance under such section 1110(e) because the applicant submitted incomplete information— contact the applicant and give the applicant the opportunity to provide that information; and reconsider the application with any additional information provided.
An applicant for a loan under this subsection or an advance under section 1110(e) of the CARES Act ( 15 U.S.C. 9008(e) ) that can remedy the grounds for denial of the application by submitting additional information under clause (i)(III)— shall have the opportunity to do so directly with a loan officer; and shall not be required to seek a remedy through the appeals process of the Administration. .
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Sec. 402
Notices to applicants for economic injury disaster loans or advances
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