Page:United States Statutes at Large Volume 122.djvu/2207

 12 2 STA T . 21 84PUBLIC LA W 11 0– 24 6—J U NE 18, 2008 (vi)co v er i ngad di t iona l co s ts u ntil t h es m all b usi - ness concern is able to obtain f unding through insur- ance claims ,F ederal assistance p rograms, or other sources and ( B ) set the terms and conditions of an y loan made under the program, sub j ect to paragraph ( 3 ) . (3) TERMSANDCO ND IT IONS. —A loan guaranteed by the Administration under this section— (A) shall be for not more than $150 ,000; (B) shall be a short-term loan, not to e x ceed 1 8 0 days, except that the Administrator may extend such term as the Administrator determines necessary or appropriate on a case-by-case basis; ( C ) shall have an interest rate not to exceed 300 basis points above the interest rate established by the Board of G overnors of the Federal R eserve S ystem that 1 ban k charges another for reserves that are lent on an overnight basis on the date the loan is made; ( D ) shall have no prepayment penalty; ( E ) may only be made to a borro w er that meets the re q uirements for a loan under section 7 (b) of the Small Business Act (15 U .S.C. 6 36(b)), as amended by this Act; (F) may be refinanced as part of any subsequent dis- aster assistance provided under section 7(b) of the Small Business Act (15 U.S.C. 636(b)), as amended by this Act; (G) may receive expedited loss verification and loan processing, if the applicant is— (i) a major source of employment in the disaster area (which shall be determined in the same manner as under section 7(b)(3)(B) of the Small Business Act (15 U.S.C. 636(b)(3)(B))); or (ii) vital to recovery efforts in the region (including providing debris removal services, manufactured housing, or building materials); and ( H ) shall be subject to such additional terms as the Administrator determines necessary or appropriate. (e) RE P ORT TO CON G RESS.— N ot later than 5 months after the date of enactment of this Act, the Administrator shall report to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives on the progress of the Administrator in establishing the program. (f) A U T H ORI Z ATION.—There are authori z ed to be appropriated to the Administrator such sums as are necessary to carry out this section. SEC.12086 . GULF C OA S TDI SASTE R LOA N REFINANCING P ROGRA M . (a) I N GENERA L .—The Administrator may carry out a program to refinance Gulf Coast disaster loans (in this section referred to as the ‘ ‘program ’ ’). (b) TERMS.—The terms of a Gulf Coast disaster loan refinanced under the program shall be identical to the terms of the original loan, except that the Administrator may provide an option to defer repayment on the loan. A deferment under the program shall end not later than 4 years after the date on which the initial disburse- ment under the original loan was made. Deadlin e .

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