Page:United States Statutes at Large Volume 113 Part 1.djvu/39

 PUBLIC LAW 106-8—APR. 2, 1999 113 STAT. 15 "(iii) notwithstanding clauses (i) and (ii), in any case in which the subject loan is processed in accordance with the requirements applicable to the SBAExpress Pilot Program, 50 percent of the balance outstanding at the time of disbursement of the loan. "(F) PERIODIC REVIEWS.— The Inspector General of the Administration shall periodically review a representative sample of loans guaranteed under this paragraph to mitigate the risk of fraud and ensure the safety and soundness of the loan program. "(G) ANNUAL REPORT.— The Administration shall annually submit to the Committees on Small Business of the House of Representatives and the Senate a report on the results of the program carried out under this paragraph during the preceding 12-month period, which shall include information relating to— "(i) the total number of loans guaranteed under this paragraph; "(ii) with respect to each loan guaranteed under this paragraph— ' (I) the amount of the loan; "(II) the geographic location of the borrower; and "(III) whether the loan was made to repair or replace information technology and other automated systems or to remedy an economic injury; and "(iii) the total number of eligible lenders participating in the program.". (b) GUIDELINES. — is use 636 note. (1) IN GENERAL.—Not later than 30 days after the date of enactment of this Act, the Administrator of the Small Business Administration shall issue guidelines to carry out the program under section 7(a)(27) of the Small Business Act, as added by this section. (2) REQUIREMENTS. — Except to the extent that it would be inconsistent with this section or section 7(a)(27) of the Small Business Act, as added by this section, the guidelines issued under this subsection shall, with respect to the loan program established under section 7(a)(27) of the Small Business Act, as added by this section— (A) provide maximum flexibility in the establishment of terms and conditions of loans originated under the loan program so that such loans may be structured in a manner that enhances the ability of the applicant to repay the debt; (B) if appropriate to facilitate repayment, establish a moratorium on principal payments under the loain program for up to 1 year beginning on the date of the origination of the loan; (C) provide that any reasonable doubts regarding a loan applicant's ability to service the debt be resolved in favor of the loan applicant; and (D) authorize an eligible lender (as defined in section 7(a)(27)(A) of the Small Business Act, as added by this section) to process a loan under the loan program in accordance with the requirements applicable to loans originated

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