12 2 STA T . 1 4 1 7PUBLIC LA W 11 0– 2 3 4 —M A Y 22 , 200 8incap a bleof p r o v i d in g ade qu a t eandti m el y a s sist - ance to individuals or business concerns located w it h in the disaster area
or ‘ ‘ (I I ) a significant number of business concerns outside the disaster area have suffered disaster- related substantial economic in j ury as a result of the incident .’ ’. SEC.1208 2. AD D IT I ON A L ECONO M IC IN JURY DISASTER LOAN ASSIST - ANCE. P aragraph ( 9 ) of section 7 (b) of the S mall B usiness A ct( 15U .S. C . 63 6(b)) , as added by section 1 208 1, is amended by adding at the end the following
‘‘(C) A D D IT I ONALEC ONO M IC IN JURY DI S ASTER LOAN ASSISTANCE. — ‘‘(i) IN G ENERAL.—If the Administrator declares eligibility for additional disaster assistance under this paragraph, the Administrator may ma k e such loans under this subparagraph (either directly or in coopera- tion with banks or other lending institutions through agreements to participate on an immediate or deferred basis) as the Administrator determines appropriate to eligible small business concerns located anywhere in the United States. ‘‘(ii) PROCESSING TIME.— ‘‘(I) IN GENERAL.—If the Administrator deter- mines that the average processing time for applica- tions for disaster loans under this subparagraph relating to a specific major disaster is more than 15 days, the Administrator shall give priority to the processing of such applications submitted by eligible small business concerns located inside the disaster area, until the Administrator determines that the average processing time for such applica- tions is not more than 15 days. ‘‘(II) SUS P ENSION O F APPLICATIONS FROM OUT- SIDE DISASTER AREA.—If the Administrator deter- mines that the average processing time for applica- tions for disaster loans under this subparagraph relating to a specific major disaster is more than 30 days, the Administrator shall suspend the proc- essing of such applications submitted by eligible small business concerns located outside the dis- aster area, until the Administrator determines that the average processing time for such applica- tions is not more than 15 days. ‘‘(iii) L OAN TERMS.—A loan under this subpara- graph shall be made on the same terms as a loan under paragraph (2). ‘‘( D ) DEFINITIONS.—In this paragraph— ‘‘(i) the term ‘disaster area’ means the area for which the applicable major disaster was declared; ‘‘(ii) the term ‘disaster-related substantial economic injury’ means economic harm to a business concern that results in the inability of the business concern to— ‘‘(I) meet its obligations as it matures;
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