Sec. 11. Transfer of funds

303 words·~1 min read·/bill/117/s/4471/is/section-11·

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The unobligated balances of amounts made available under the heading Small Business Administration—Business Loans Program Account, CARES Act in section 323(d)(1)(A) of division N of the Consolidated Appropriations Act, 2021 ( Public Law 116–260 ; 134 Stat. 2019) for the cost of guaranteed loans as authorized under paragraphs

(36)and

(37)of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ) shall be transferred to the Fund. The unexpended balances of amounts made available under the heading Small Business Administration—Business Loans Program Account, CARES Act in section 1107(a)(1) of the Coronavirus Aid, Relief, and Economic Security Act ( 15 U.S.C. 9006(a)(1) ) shall be transferred to the Fund. The unobligated balances in the account appropriated under the heading Small Business Administration—Shuttered Venue Operators shall be transferred to the Fund. If the Administrator submits to Congress a certification described in paragraph (2), effective on the date of the certification, the unobligated balances of amounts made available under section 5002(b) of the American Rescue Plan Act of 2021 ( 15 U.S.C. 9009 note), including any of such balances that were transferred under section 90007(b)(2) of the Infrastructure Investment and Jobs Act ( Public Law 117–58 ; 135 Stat. 1347), shall be transferred to the Fund. A certification described in this paragraph is a certification that, if the balances described in paragraph

(1)are transferred, the Administrator will still have sufficient funds to make loans described in section 7(b)(2) of the Small Business Act ( 15 U.S.C. 636(b)(2) ) to each entity described in section 1110(b) of the CARES Act ( 15 U.S.C. 9009(b) ) that submitted— an application for such a loan on or before December 31, 2021; or a request for a modification, rehearing, or appeal in connection with an application for such a loan on or before May 6, 2022.

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