Sbi Act

§ 40(a)(2)(D) to
§ 42(b)

SMALL BUSINESS ACT

(D)
guidelines pursuant to which the Administration will
coordinate with other Federal agencies and with State and local authorities to best respond to
the demand referred to in subparagraph (B) and to best use the resources referred to in that
subparagraph.

(b)
COMPLETION; REVISION.-The first plan required by subsection (a) shall
be completed not later than 180 days after the date of the enactment of this section.
Thereafter, the Administrator shall update the plan on an annual basis and following any
major disaster relating to which the Administrator declares eligibility for additional disaster
assistance under section 7(b )(9).
(c)
KNOWLEDGE REQUIRED.-The Administrator shall carry out subsections
(a) and (b) through an individual with substantial knowledge in the field of disaster readiness
and emergency response.
(d)
REPORT.-The Administrator shall include a report on the plan whenever the
Administration submits the report required by section 43.

Report.
Plans to secure
sufficient office
space.
15USC 657m.

§ 41. 761 PLANS TO SECURE SUFFICIENT OFFICE SPACE.
(a)
PLANS REQUIRED.-The Administrator shall develop longterm plans to
secure sufficient office space to accommodate an expanded workforce in times of disaster.

(b)
REPORT.-The Administrator shall include a report on the plans developed
under subsection (a) each time the Administration submits a report required under section 43.

Report.
Immediate
disaster

§ 42.762 IMMEDIATE DISASTER ASSISTANCE PROGRAM.

assistance

(a). PROGRAM REQUIRED.-The Administrator shall carry out a program, to
be known as the Immediate Disaster Assistance program, under which the Administration
participates on a deferred (guaranteed) basis in 85 percent ofthe balance of the financing
outstanding at the time of disbursement ofthe loan if such balance is less than or equal to
$25,000 for businesses affected by a disaster.

program.
IS USC 657n.

(b)
ELIGffiILITY REQUIREMENT.-To receive a loan guaranteed under
subsection (a), the applicant shall also apply for, and meet basic eligibility standards for, a
loan under subsection (b) or (c) ofsection 7.

761 New § 41 added by § 12076ofP.L. 110-234, enacted May 22,2008 (122 Stat. 1415). The same language was enacted
again in P.L. 110·246, June 18,2008 (122 Stat 2177).
762 New

§ 42 added by § 12084 ofP.L. 110·234, enacted May 22,2008 (122 Stat. 1420). The same language was enacted

again in P.L. 110·246, June 18,2008 (122 Stat 2182).

411

(Rev. 13)

SMALL BUSINESS ACT

)

(c)
USE OF PROCEEDS.-A person who receives a loan under subsection (b) or
(c) of section 7 shall use the proceeds of that loan to repay all loans guaranteed under

subsection (a), if any, before using the proceeds for any other purpose.

(d)

LOAN TERMS.­

(1)
NO PREPAYMENT PENALTY.-There shall be no prepayment

penalty on a loan guaranteed under subsection (a).

(2)
REPAYMENT.-A person who receives a loan guaranteed under

subsection (a) and who is disapproved for a loan under subsection (b) or (c) of section 7, as

the case may be, shall repay the loan guaranteed under subsection (a) not later than the date

established by the Administrator, which may not be earlier than 10 years after the date on

which the loan guaranteed under subsection is disbursed.

(e)
APPROVAL OR DISAPPROVAL-The Administrator shall ensure that

each applicant for a loan under the program receives a decision approving or disapproving of

the application within 36 hours after the Administration receives the application.

/~~

\ § 43.,J3 ANNUAL REPORTS ON DISASTER ASSISTANCE.

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Annual reports
on disaster
assistance.
IS USC 6570.

//

New § 43 added by § 12091(g) <>{P.L. 110-234, enacted May 22,2008 (122 Stat. 142~ The same language was
enacted again in P.L. 110-246, June 1&".,2008 (122 Stat. 2188). Sections 12091(a)-(f)yrO'vide:
763

/

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(a) MONTHLY ACCOUNl1N~~ORT TO CONGRESS.-

)

,./.

(I) REPORTING REQUIREMEN'i'S.-Not later than the fifth b~ess day ofeach month during the applicable
period for a major disaster, the Adlniiustrator shall submit to.th"Committee on Small Business and
Entrepreneurship and the Committee oh....APPropriations of the Senate and to the Committee on Small Business and
the Committee on Appropriations of the }{ouse ofRepresr,ntatives a report on the operation of the disaster loan
program authorized under section 7 of the Small Business Act (15 U.S.C. 636) for that major disaster during the
\.
.' .
preceding month.

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/

(2) CONTENTS.-Each report submitted un~aragraph (I) shall include­
/'

\\

(A) the daily average lending volume, in nJUDber orloans and dollars, and the percent by which each category has

increased or decreased since the previou.freport undelo.paragraph (I);

.

'.\

/

(B) the weekly average lending vol~e, in number oflo~ and dollars, and the percent by which each category has
increased or decreased since the previous report under paragraph (I);
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(C) the amount of funding spent over the month for loans, both\to appropriations and program level, and the percent
by which each category has increased or decreased since the preVj,ous report under paragraph (I);

~g

approPriatiO~~d

(D) the amount of
available for loans, both in
program level, and the percent by which
each category bas 4tcreased or decreased since the previous report under paragraph (1), noting the source of any
additional funding(
\
(E) an

eStima/o~how long the available funding for such loans will last, based on the spending rate;
412

(Rev. 13)

~)