View all text of Subchapter I [§ 9001 - § 9013]
§ 9008. United States Treasury program management authority
(a) DefinitionsIn this section—
(1) the terms “appropriate Federal banking agency” and “insured depository institution” have the meanings given those terms in section 1813 of title 12;
(2) the term “insured credit union” has the meaning given the term in section 1752 of title 12; and
(3) the term “Secretary” means the Secretary of the Treasury.
(b) Authority to include additional financial institutions
(c) Safety and soundness
(d) Regulations for lenders and loans
(1) In generalThe Secretary may issue regulations and guidance as necessary to carry out the purposes of this section, including to—
(A) allow additional lenders to originate loans under this section; and
(B) establish terms and conditions for loans under this section, including terms and conditions concerning compensation, underwriting standards, interest rates, and maturity.
(2) RequirementsThe terms and conditions established under paragraph (1) shall provide for the following:
(A) A rate of interest that does not exceed the maximum permissible rate of interest available on a loan of comparable maturity under paragraph (36) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)), as added by section 1102 of this Act.
(B) Terms and conditions that, to the maximum extent practicable, are consistent with the terms and conditions required under the following provisions of paragraph (36) of section 7(a) of the Small Business Act (15 U.S.C. 636(a)), as added by section 1102 of this Act:
(i) Subparagraph (D), pertaining to borrower eligibility.
(ii) Subparagraph (E), pertaining to the maximum loan amount.
(iii) Subparagraph (F)(i), pertaining to allowable uses of program loans.
(iv) Subparagraph (H), pertaining to fee waivers.
(v) Subparagraph (M), pertaining to loan deferment.
(C) A guarantee percentage that, to the maximum extent practicable, is consistent with the guarantee percentage required under subparagraph (F) of section 7(a)(2) of the Small Business Act (15 U.S.C. 636(a)(2)), as added by section 1102 of this Act.
(D) Loan forgiveness under terms and conditions that, to the maximum extent practicable, is consistent with the terms and conditions for loan forgiveness under section 7A of the Small Business Act [15 U.S.C. 636m].
(e) Additional regulations generally
(f) CertificationAs a condition of receiving a loan under this section, a borrower shall certify under terms acceptable to the Secretary that the borrower—
(1) does not have an application pending for a loan under section 7(a) of the Small Business Act (15 U.S.C. 636(a)) for the same purpose; and
(2) has not received such a loan during the period beginning on February 15, 2020 and ending on December 31, 2020.
(g) Opt-in for SBA qualified lenders
(h) Program administration
(i) Criminal penalties
(Pub. L. 116–136, div. A, title I, § 1109, Mar. 27, 2020, 134 Stat. 304; Pub. L. 116–260, div. N, title III, § 304(b)(1)(C)(i), Dec. 27, 2020, 134 Stat. 1994.)