Sec. 3. EIDL loans
321 words·~1 min read·
/bill/117/s/3349/is/section-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Administrator shall— not later than 7 days after the date on which the Administrator receives a covered application, provide the applicant with— notice that the Administrator has received the application; and information regarding an office or official of the Administration that the applicant may contact in the event that the applicant has questions regarding the application; not later than 21 days after the date on which the Administrator receives a covered application, provide the applicant with— a written report detailing the status of the application and any requirements for completion of the application, including any external or internal delays; and an explanation regarding the appeals process with respect to a covered application that the Administrator disapproves; and not later than 45 days after the date on which the Administrator receives a completed covered application that is in accordance with all applicable requirements, including such requirements as the Administrator may prescribe by regulation— review the application in its entirety; and approve the application and make the loan (or the increase in the loan amount) that is the subject of the covered application if all applicable requirements with respect to the applicable loan are satisfied; or disapprove the application and notify the applicant in writing of the disapproval.
Not later than 90 days after the date of enactment of this Act, the Administrator shall— conduct a comprehensive review of the process for submitting a covered application, which shall focus on ways to ensure that applicants submitting covered applications— are not asked to submit materials with respect to such an application more than once; receive timely responses and updates from the Administrator with respect to those covered applications, including the information required under paragraphs
(1)and
(2)of subsection (a); and receive the loans (or loan increases) sought in those covered applications in a manner that complies with subsection (a)(3); and submit to Congress a report regarding the review conducted under paragraph (1).