12 2 STA T . 21 83PUBLIC LA W 11 0– 2 46—J U NE 18 , 2008 ‘ ‘ (1)NOPRE P AYM E NT PENA L TY .—Ther e s h al l b e nop repa y-m en t penalty on a loan gu arantee d under subse c t i on (a). ‘‘( 2 ) R EPAYMENT.— A person w ho recei v es a loan guaranteed under subsection (a) and who is disapproved f or 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 1 0 years after the date on which the loan guaran- teed under subsection is disbursed. ‘‘(e) APPRO V AL OR DIS APPROVAL.—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. ’ ’. SEC.12085 .E XP E DIT ED DIS A STE R ASSISTA N CE LO AN PRO G RA M . (a) DE F INITION.— I n this section, the term ‘‘program’’ means the e x pedited disaster assistance business loan program established under subsection (b). (b) C REATION OF P RO G RAM.—The Administrator shall ta k e such administrative action as is necessary to establish and implement an expedited disaster assistance business loan program under which the Administration may, on an expedited basis, guarantee timely payment of principal and interest, as scheduled on any loan made to an eligible small business concern under paragraph ( 9 ) of section 7(b) of the S mall B usiness Act (1 5U .S.C. 636(b)), as added by this Act. (c) CONS U LTATION RE Q UIRE D .—In establishing the program, the Administrator shall consult with— (1) appropriate personnel of the Administration (including District O ffice personnel of the Administration)
(2) appropriate technical assistance providers (including small business development centers); (3) appropriate lenders and credit unions; ( 4 ) the Committee on Small Business and E ntrepreneurship of the Senate; and (5) the Committee on Small Business of the H ouse of Rep- resentatives. (d) RULES.— (1) IN GENERAL.—Not later than 1 year after the date of enactment of this Act, the Administrator shall issue rules in final form establishing and implementing the program in accordance with this section. Such rules shall apply as provided for in this section, beginning 90 days after their issuance in final form. (2) CONTENTS.—The rules promulgated under paragraph (1) shall— (A) identify whether appropriate uses of funds under the program may include— (i) paying employees; (ii) paying bills and other financial obligations; (iii) making repairs; (iv) purchasing inventory; (v) restarting or operating a small business concern in the community in which it was conducting oper- ations prior to the applicable ma j or disaster, or to a neighboring area, county, or parish in the disaster area; or Ap p licab ili ty.Ef f e cti v e d ate. D eadli n e. 15USC63 6 j . Deadline.
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