12 2 STA T . 1 4 2 0PUBLIC LA W 110 – 2 3 4 —M A Y 22 , 200 8‘ ‘ (9)DOCUMENTA T I ON .—Aqualif i edpr i v a t ele n der o r pre - ferred lender m a y u s eitso w n loan do c umentation for a loan g uaranteed b yt h e Administrator under this subsection , to the e x tent authori z ed by the Administrator. T he ability of a lender to use its own loan documentation for a loan guaranteed under this subsection shall not be considered part of the criteria for becoming a qualified private lender under the regulations promulgated under paragraph ( 10 ). ‘‘(10) I M PL EMENTATION R E G ULATION S .— ‘‘(A) IN GENERAL.— N ot later than 1 year after the date of enactment of the S mall B usiness Disaster R esponse and L oan Improvements Act of 2 00 8 , the Administrator shall issue final regulations establishing permanent criteria for qualified private lenders. ‘‘(B) REPORT TO CONGRESS.—Not later than 6 months after the date of enactment of the Small Business Disaster Response and Loan Improvements Act of 2008, the Administrator shall submit a report on the progress of the regulations required by subparagraph (A) to the C om- mittee on Small Business and E ntrepreneurship of the Senate and the Committee on Small Business of the H ouse of Representatives. ‘‘(11) AUT H ORI Z ATION O F APPROPRIATIONS.— ‘‘(A) IN GENERAL.—Amounts necessary to carry out this subsection shall be made available from amounts appro- priated to the Administration to carry out subsection (b). ‘‘(B) AUTHORIT Y TO RE D UCE INTEREST RATES AND OTHER TERMS AND CONDITIONS.— F unds appropriated to the Administration to carry out this subsection, may be used by the Administrator to meet the loan terms and conditions specified in paragraph (6). ‘‘(12) P URCHASE OF LOANS.—The Administrator may enter into an agreement with a qualified private lender or preferred lender to purchase any loan guaranteed under this subsection. ’ ’. (b) EFFECTI V E DATE.—The amendments made by this section shall apply to any ma j or disaster declared on or after the date of enactment of this Act. SEC.12084 . IM ME D I AT E DISASTE R ASSISTA N CE P R OG RAM. The Small Business Act is amended by inserting after section 4 1, as added by this Act, the following
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‘SEC. 42. IMMEDIATE DISASTER ASSISTANCE PROGRAM. ‘‘(a) PROGRAM RE Q UIRED.—The Administrator shall carry out a program, to be k nown as the Immediate Disaster Assistance program, under which the Administration participates on a deferred (guaranteed) basis in 8 5 percent of the balance of the financing outstanding at the time of disbursement of the loan if such balance is less than or equal to $ 25,000 for businesses affected by a disaster. ‘‘(b) ELIGI B ILITY 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) of section 7 . ‘‘(c) U SE 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.— 15USC6 5 7n. 15USC6 3 6n ote . D e adli ne.
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